Weekly Grain update 3/5/23
Overview
Soybeans
March
From last week and Tuesday's update,
From last update,
This week, it also traded above the 1550.00 major Gann square and swing point for the week and closed below it and this can cause a quick setback. The market remains very strong, but is having trouble taking out last June's high at 1572.25. With it still making higher highs and higher lows, we think the setback can hold the area of the next major Gann square at 1499.75 and 23.6% back to the 7/22/22 low at 1495.00, provided this is all it sets back, look for a quick rally back to the highs and more.
From Tuesday,
It is safe to say that trading above and closing below the 1550.50 major Gann square did cause a quick setback and it is now at the target area of the 1449.75 major Gann square and 23.6% back to the 7/22/22 low at 1495.00.
As mentioned this market remains very strong and holding this area can send it right back to the highs and more. A failure to hold this area can send it down to the next major Gann square at 1457.00, this is also 38.2% back to the 7/22/22 low and our short term swing point.
March Soybeans held the 23.6% retracement keeping the trend very strong and it has already rallied 40 cents from the Tuesday low!
Corn
March
From Tuesday's Special update,
It failed to get above the 649.50 major Gann square and swing point for the week. It is approaching the target area of 61.8% of the 7/22/22 low and 10/10/22 high at 622.00 and the 613.00 major Gann square. Holding 622.00, or trading down to the 613.00 major Gann square and closing back above 622.00 can send this market on a 61.8% rally based on the ONE44 61.8% rule. This is yet to be determined and now that it has taken out the 12/7/22 low, we can retrace it back to the 10/10/22 high for that retracement. We will also watch 38.2% back to that same high to see how strong, or weak the market is at 661.50, a failure to get above this tells us there is more to go on the downside. Below the 613.00 major Gann square look for the next one at 579.25.
Wednesday's low held 61.8% at 622.00 and so far it has rallied 20 cents and we are looking for more!
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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