Weekly Grain update 7/17/22
Overview
November Soybeans
From our Video update on 7/11/22
Currently, We are expecting this to take it to new highs, but as we watch all the retracements to see just how weak, or strong the market is regardless of the longer term target, they ran into 38.2% of the break at 1412.00 today. It traded well above it, just as it did on 6/30/22 and then closed below it. Unless it closes above 1412.00 tomorrow, it will put a hold on the rally to new highs. A break from 38.2% can send it to new lows for the move, we will also watch the retracements below to see if anything changes.
Trading above 38.2% at 1412.00 and closing back below it on Monday did indeed end the rally for the time being. Tuesday it traded 13 cents higher before breaking $1.00 and into 78.6%. It continues to hold the long term swing point and we will be watching for the next big move to start soon.
Soybean Oil
August Oil traded from one major Gann square to the next and still below the long term swing point.
December Corn
From our Video update on 7/11/22
Like the Soybeans, Corn ran into 38.2% of the break at 643.00, it traded well above it, but closed back below, putting the rally on hold for now, unless it can close above 643.00 tomorrow..... On an extended break, look for 78.6% at 585.50.
The rally above 38.2% at 643.00 hit the 657.00 major Gann square before closing lower and ending the rally for the time being. It also hit 78.6% on that break at 585.50.
December Wheat
From last week's update,
The $1.00 rally from above 797.00 (61.8%) is just shy of the first test at 915.00, use this as the swing point to start the week... Below 915.00 look for a retest of the low and.....
Just like the Soybeans and Corn, it traded above a key area and then closed back below it, never a good sign, the break from it took it right back to the low.
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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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One thing before we start this week's update.
