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Grains Overview 4/18/24Soybeans From last week,
4/18/24 The rally from 1163.00 (78.6%) could not get above the previous major Gann square at 1191.00 (1192.75 high) and the break from it took it to the 1151.25 major Gann square. Use 1151.25 as the swing point for the week. Above it, provided it can get right back above 1163.00 (78.6%) the short term target is 78.6% back to the 3/21/24 high at 1222.00....... Corn July From last week, May
July July is a little weaker than May and has taken out the 3/28/24 low, we will now use 38.2% back to the 3/28/24 high as the swing point. Use 445.00 as the swing point for the week. Above it, the short term target is the 455.25 major Gann square, this is also 78.6% back to the 3/28/24 high...... Below it, the short term target is 78.6% back to the 2/26/24 low at 430.00. This area would be another reason for a good rally based on the ONE44 78.6% rule...... Wheat From last week,
4/18/24 Today's low hit 535.00 (78.6%) we will see if this level can hold and be the start of the next leg up based on the ONE44 78.6% rule, or just go 78.6% back to the 4/5/24 high. Use 535.00 as the swing point for the week. Above it, the short term target is 78.6% back to the 4/5/54 high at 567.00, this is also a major Gann square, when and if it ..... Below it, a failure to turn higher from 535.00 will give us a long term target of 78.6% on the long term chart at 486.00, before then...... We have over 35 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. . ONE44 Analytics where the analysis is concise and to the point Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares. If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member. You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines. Sign up for our Free newsletter here. FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not necessarily indicative of future results. On the date of publication, Nick Ehrenberg did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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