Weekly Grain update 6/12/22
In the July contract, after making a new contract high on 5/31/22 it set back to 38.2% of the 4/4/22 low, the rally from there has now gone $1.10 and short of our Intermediate target. We will continue to watch the retracements below to see just how strong, or weak this market is.
In the November contract, the rally from above 38.2% back to the 4/1/22 low has now gone 80 cents and hit a major Gann square, with one close above it and one right back below it we will use it as the swing point for now and watch the retracements below.
In July Meal last week we said,
One thing to watch for is it fails to make a new low around 78.6% at 404.00 and then closes back above the 411.00 major Gann square, provided this did happen you can look for 434.40 and longer term....
Tuesday's low was 404.00 and the rally completed the first part of the ONE44 78.6% rule, by going 78.6% the other way at 429.50.
In July Oil, the rally from the 76.99 major Gann square has yet to hit the next major Gann square and we will watch 38.2% of any setback.
July Corn has now rallied 60 cents since it hit 23.6% of the contract high and low at 720.00. You can view our video about this here. It also took out 38.2% of the break and put all three trends in sync again. Intermediate and long term targets remain the same.
December Corn got right back above the 693.75 major Gann square on Monday and the 30 cent rally is trading right at 38.2% of the move down. This will be the short term swing point.
July Wheat from last week,
Provided it can get right back above 1044.00, look for the area of 38.2% of the break at 1125.50 and...
The rally above the 1044.00 major Gann square fell short of 38.2% and...
Thursday's low was 1044.25 and rallied 38 cents, this level is still key in the short term.
December Wheat continues to hold above the 1069.50 major Gann square and rallied 40 cents, we will go over what to look for from here in the Premium Members section below as well as all the other markets.