13 min read

Weekly Grain update 4/16/23

Weekly Grain update 4/16/23


From last week,

Use 1457.00 as the swing point for the week.
Above it, by holding 38.2% it would show that the market is keeping the current leg positive and new highs should follow from it. The short term target is.....

Monday's low was 1456.25, holding 38.2% at 1457.00, so far it has rallied over 30 cents and run into the 1486.00 major Gann square. The question is, can it hold 1457.00 again and what to look for above it, or below it, if it fails to hold.

Soybean Meal
From last week,

Use 445.90 as the swing point for the week.
Above it, the short term target is the previous major Gann square at 468.60 and longer term it is....

The rally from the 445.90 major Gann square has reached the short term target of the 468.60 major Gann square, you can now use this as the swing point for next week.

From last week,

Use 645.00 as the swing point for the week.
Above it, holding this level would be a strong sign and it should go for new highs for this leg and then...

Monday started below the 645.00 swing point, but never closed below it keeping this leg up very strong and it closed above the 660.00 major Gann square, this level will be key to next week.

From last week,

Use 670.00 as the swing point for the week.

It had one close below the 670.00 swing point for the week, that was also 78.6% of the 3/22/23 low and 3/29/23 high. As always we want to see two closes below a key level to confirm a violation of it, Friday had a strong rally above it and the upside targets remain the same from last week.

From last week,

Use the 89.88 major Gann square as the swing point for the week again.
Below it, look for the long term target area of the 85.49 major Gann square and a long term retracement at 84.50.

The break that came from the 94.28 major Gann square and 23.6% back to the contract high has now hit the 85.49 major Gann square. Can this be the point of a turn back up? It is into some key long term levels, we will update more on this in today's Weekly Gain update.

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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