Weekly Grain update 12/11/22
Overview
Cattle
From last week,
Use the 156.40 major Gann square as the swing point for the week again.
Above it. look for the next major Gann square at 158.89.
Below it, look for 78.6% back the other way at 153.32, this is also a major Gann square. On an extended break, look for 61.8% at 151.00.
Now,
Monday's high was 156.37, this was the high for the week as well. Wednesday traded below 153.32, but never closed below it, this was 78.6% and a major Gann square. Low for the week was 152.75 and it has already rallied $3.00. The low for the week also put it back into the 38.2% retracement of the 5/11/22 low keeping this market very strong. Using the tightest range it completed the 78.6% to 78.6% target at 153.32.
Use 153.32 as the swing point for the week.
Above it, look for the 158.89 major Gann square.
Below it, look for 38.2% of the contract high and low at 149.50.
Soybeans
January
From last week,
Use 1434.00 as the swing point for the week.
Above it, being this is 38.2% it should go for new highs for the move (mentioned in video), regardless of the longer term target below. The target will be the 1500.50 major Gann square.
The low for the week on Monday was 1435.25 and a 60 cent rally followed.
March
From last week,
Use 1441.00 as the swing point to start the week.
Above it, look for the 1499.75 major Gann square.
Low for the week was 1443.00 and the high for the week was 1497.25
Soybean Meal was covered in the Special update on Wednesday
Soybean Oil
From last week,
Use the 66.30 major Gann square as the swing point for the week.
Below it, look for the area of 62.65 to 62.24, this is 61.8% and then a major Gann square. On an extended break look for 59.00, this is 78.6% and a major Gann square
High for the week was 66.31 and there has been a $6.00 break so far.
Corn
From last week,
Use 649.50 as the swing point for the week.
Not a whole lot happened here, however the high for the week was 649.75 on Friday and Monday's high was 649.00.
Wheat
From last week,
Use 765.25 as the swing point for the week.
Below it, Short term look for the two major Gann squares at 736.25 and .....
High for the week was 768.00 and all in one day it hit the 736.25 major Gann square.
We hope that you have all viewed the latest ONE44 in 360 video, if not here is The Link
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.
Thank You to all the new subscribers!
To all our Subscribers, when you are logged in to our website you will get all of the content in every post, so it may look like every Member/Non Member is getting the same thing. Please be assured that what you are paying for as a Premium Member of "Grains Weekly" is only accessible by you and is not posted anywhere else for free. This can be proven by logging out and trying to get the full article that has a yellow star with it. One exception is we will occasionally post articles on Barchart.com with excerpts from our website and Videos to draw people to the website.