Weekly Grain update 4/9/23

Overview

Soybeans

May
From last week,

Use 1508.25 as the swing point for the week.

Above it, look for the next major Gann square at 1564.50. One thing to watch for is if it trades up to or above 78.6% at 1518.50 and closes below the 1508.25 major Gann square, it can cause a sharp break that can take it 78.6% the other way, yet to be determined.

It had one close above 78.6% at 1518.50 (always need two to confirm a violation of a key level) and the 35 cent break fell just short of 38.2% back to the 3/24/23 low, we continue to look for a 78.6% retracement based on the ONE44 78.6% rule.

Soybean Oil

From last week,

Use the 54.47 major Gann square as the swing point for the week.

Above it, with 50.80 being 61.8% the long term target will be 61.8% the other way at 67.37, this is also a major Gann square. The short term target is 23.6% back to the 6/8/22 high at 57.20, this is also a major Gann square.

High for the week was 57.40, the break from the 57.20 major Gann square took it back to the previous major Gann square and swing point for the week at 54.47.

Corn

May
From last week,

Use 660.00 as the swing point for the week.

Above it, the long term target remains at the 78.6% retracement of 690.00 based on the ONE44 78.6% rule. One thing to watch for is it trades up to 61.8% at 671.00 and closes below the 660.00 major Gann square, this can cause a setback of 61.8%, yet to be determined.

The spike above the 660.00 major Gann square and swing point for the week fell 3 cents short of 671.00 and with this week's break it closed below 38.2% back to the 3/10/23 low at 645.00, the target remains 61.8% the other way per the ONE44 61.8% rule.

Wheat

May
From last week,

Use 712.00 as the swing point for the week again.

Below it, look for a test of the recent low, key support area is the 672.75 major Gann square and a 78.6% retracement at 670.00.

High for the week was on Monday at 710.00 and Friday it hit the target area of 672.75 and 670.00

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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