Weekly Grain update 7/10/22
August Soybeans remain well above their long term swing point and the November Soybeans held their long term swing point and have rallied 90 cents so far. August Meal went 61.8% to 61.8% following the ONE44 61.8% rule. August Oil hit the 57.92 major Gann square and is back above the long term swing point.
September Corn is back above the long term swing point and hit 61.8% of the contract high and low, this was also a major Gann square. It has been a 40 cent rally in 3 days. December Corn is also back above the long term swing point after hitting the 569.00 major Gann square, with a 50 cent rally from it.
September Wheat traded through 61.8% and is back above it. The December Wheat fell 5 cents short of 61.8%, or targets on a rally from this area are much higher, even after a $1.00 rally so far.
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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