Weekly Grain/Livestock Update 9/26/24

We hope you have viewed our latest educational video on how to use the Fibonacci retracements with the ONE44 rules and guidelines.

If not, you can find it here.

OVERVIEW

Soybeans
November
From last week,

The small range for the week can be considered a positive thing since the setback from the 1032.75 major Gann square has not sent it down to the 78.6% level at 972.00 yet. The previous week had one close below 38.2% back to the low at 1002.00 and all of this week closed above it, another positive sign and this level will be key to the next week. We usually don't like to use the 38.2% retracement so early in a new leg, but holding as we said would be a good sign.

Use 1002.00 as the swing point for the week.

The low since this update was 1001.25 and a 50 cent rally followed hitting the tightest resistance at 1055.00. In January it hit the short term target of 38.2% at 1076.00. These levels will be key for the next week.

Soybean Oil
December
From last week,

Monday's low hit 78.6% at 38.70 and there has been a $2.00 rally so far, what makes this more important is that holding a 78.6% level can be the start of a new bull move based on the ONE44 78.6% rule.

Use 38.70 as the swing point for the week again.

It held 38.70 perfectly and it has now rallied over $5.00. The latest video we did on 9/13/24 pointed out that 78.6% is where a lot of Bull runs start and end. You can find the video here.

Corn
December

With the new highs this week we will now watch 38.2% of the rally to see if it can get some upside traction, just as it did in the Soybeans and Wheat.

Wheat
December
From last week,

After the big spike above 578.00 there was no follow through and it got right back below it keeping the trend very negative. The setback from here can send it to new lows, or at least 78.6% back to the low, however we will watch the 38.2% level at 569.00 for an early trend change signal, as we said in the Soybeans, we usually don't watch the 38.2% level so early in a move, but holding this would be a positive sign.

Use 569.00 as the swing point for the week.

This week held 38.2% (569.00) of the current rally, this was also a major Gann square.

Cattle
December
From the Special Update on 9/24/24

The low on 8/21/24 and again on 9/9/24 held 61.8% on the continuation chart and that gave us a target of 61.8% the other way at 184.60 based on the ONE44 61.8% rule. It fell a few ticks short but, it is close enough to use the 61.8% rule again to get the downside target.

Use 184.60 as the swing point for the week.

Hogs
December
From last week,

There is a combination of retracements at 72.85, it is 61.8% back to the contract high and 38.2% back on the continuation chart.

Use 72.85 as the swing point for the week.

Above it, the short term target area is 78.6% back to the contract high at 75.80 and the 76.67 major Gann square.
This week's high is 75.80.

Feeder Cattle
November

The last two closes were at 238.00 (23.6%) and currently it is trading above it. This level will be key for the next week again.

Use 238.00 as the swing point for the week.

Above it, the short term target is 38.2% of the same move at 244.70, this is the level it needs to take out to turn the trend positive again.

We are right at 38.2% (244.70) this will be key for the next week.

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Being this is a weekly update we give all the key levels to watch for the week using Fibonacci retracements and Major Gann squares. We set up scenarios to look for when a level holds, or fails based on these methods, so it is very important to know for yourself how to use them following the ONE44 rules and guidelines. The best way to get a better understanding of these methods is to read all the posts (even if not on Grains) and watch our YouTube videos, as we explain why we think what we think based on the rules and guidelines. It is also important to view all the charts, as they have the key levels marked on them, if there are extended moves.

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