Weekly Grain update 6/19/22
July Beans had one close at 38.2% of the latest move up and one close below, on the day it closed below it, it hit the 1683.00 major Gann square and the next day was right back above 1699.00 keeping the short term trend positive. We continue to look for the Intermediate and Long term targets.
November Beans from last week,
Friday's close was right on the 1568.25 major Gann square, it did have one close above it, so use this as the swing point to start next week. Above it the target becomes ...., below it look for 38.2% of the 4/1/22 low, this is 1511.00,
The week started out below 1568.25 and on Monday got down to 1516.00. This was above the 1511.00 short term swing point, keeping the short term trend positive and all of our targets above intact.
Soybean Meal from last week,
The third thing is, until it can take out 78.6% at 429.00 a break back to 78.6% the other way is still possible and this would be 410.50, with the 411.00 major Gann square right there.
Monday's high was 430.70 and it quickly broke down to 410.20 on Tuesday, it traded below this on Wednesday, but never closed below it and took off into Friday's close repeating a 78.6% to 78.6% move, per the ONE44 78.6% rule.
Soybean Oil from last week,
Friday's close was right at 38.2% of the rally from the 6/1/22 low, this is 80.80. Use this as the swing point to start the week.
Below it look for the 76.99 again and on any bigger setback look for the Intermediate swing point.
With Sunday night's opening, Oil spent 10 minutes above 80.80 before collapsing into Friday's close taking out 76.99 and we are now looking for the Intermediate swing point.
CornJuly Corn from last week,
July Corn continues to rally from the Intermediate swing point of 720.00, this was 23.6% of the contract high and low. The rally also took out the short term swing point at 760.00, this was 38.2% back to the high, which is a strong sign and we can now watch 38.2% of the rally from 720.00 to see how strong it really is, this is 756.00 and is the short term swing point.
Monday's low was 758.50 keeping the short term trend positive and it has rallied 40 cents so far.
December Corn from last week,
The rally after getting back above the 693.75 major Gann square has also taken out 38.2% of the break at 715.00. Use this as the short term swing point, above it look for 78.6% of the break at 750.00.
It never closed below 715.00 and Friday's high was 749.00.
In July and December Wheat, For the last 13 trading day's they have been sitting on their major Gann squares like birds on a wire. They are below the short term swing point, but still above the long term swing point.
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