Weekly Grain update 7/6/23
OVERVIEW and New Video
September Soybeans
From our last update,
Use 1288.00 as the swing point for the week. This is both a major Gann square and 38.2% of the 5/31/23 low and 6/21/23 high
Above it, look for 78.6% of the 6/9/22 high and 5/31/23 low at 1403.25. Any rally that can't get above 78.6% of the recent setback would be a negative sign and it can send it sharply lower following the ONE44 78.6% rule.
Monday's high hit the 1403.25 (78.6%) target after holding the 1288.00 swing point for the week. With the current high being 78.6%, the long term target is 78.6% the other way based on the ONE44 78.6% rule. This target is 1195.00. There will be many other levels to watch on any setback, or failure to turn lower from here. You can find some of the levels in our latest Video and all the levels by becoming a Premium member.
December Soybean Oil
From our last update,
Use 53.25 as the swing point for the week.
Above it, look for 61.8% back to the contract high at 61.75. On an extended move higher look for 78.6% at 66.60.
As you can see on the chart, it held the 53.25 swing point for the week and has now completed the 61.8% (45.30) to 61.8% (61.75) target based on the ONE44 61.8% rule. We will now look for 61.8% the other way for the same reason. This is 51.50. Here too there will be many more levels to watch to see just how weak, or strong this market is regardless of the longer term target. There is more about this in our latest Video on Fibonacci retracements.
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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