mtb1980

mtb1980

Dec21 Corn-Daily: So far price action has respected both the red downtrending fork and the gray uptrending fork. It appears that if we continue with strength today that the bounce off each red and gray line match up with a bull flag and could follow through to fill the 5.99 target. That downtrend line will be tough resistance, but if broken I will line up...

mtb1980

Weekly Cont. Cattle: So far the Parallel uptrend line based off the 2019 low has proved to be a strong action/reaction line. **Cycle high/low targeted the week of 3/29 and appears to have done the job. Next cycle date will target the week of (or around) 8/02 to place a swing high or low….Range bound support is the gray bubble and resistance is the Yellow...

mtb1980

Continuous Hogs- Weekly: Currently plotting against the Oct contract (vs the August at 104.25). Uptrend lines off swing lows, and downtrend lines off swing highs. Creates areas to watch for action and reaction points All time high at 133.60, but hogs turned lower off the touch of the major uptrend line based off the 18’ low. Retracements can be used for...

mtb1980

Sep KC Wheat – Weekly: A bounce off the cloud last week and follow through to the upside so far this week. The first hurdle was the 24% retracement at 6.17. Resistance at the red Kijun line currently at 6.56 would line up with the 38% and 50% retracement targets. Plenty of volume in the 6.20 to 6.50 price range. This could offer support for a trading range...

mtb1980

KC Wheat – Weekly Cont: Currently led by the Sep contract. KC wheat slid hard after filling the Primary target at 7.41. Using the swing low at 5.78 to base updated targets from, 6.40 and 6.59 will be the initial hurdles to jump over in search of the 7.06 and 7.22 targets. Support is 5.78, 5.52, and 5.31

mtb1980

November21 Soybeans - Daily: Current price finding resistance against the upper line on the red down trending pitchfork, and 62% retracement target at 13.88. Support will be the lower trend line on the gray up trending fork between 13.00 and 13.32. Targets above at 14.28 and 14.52. Any push above the median line on the gray up trend fork will allow for us to...

mtb1980

Soybean – Weekly Cont: Aug contract leading the continuous chart. **Not all end user bids offered off the August Contract** Using the recent swing low from 12.89 for retracement targets, the 50% 14.78 target aligns with the red kijun line and will be a tough line to cross. Above take your pick at 15.23, 15.86 and 16.24. Support is 14.33, 13.78 and 12.89. ...

mtb1980

December 21 Corn - Daily: The red down trending pitchfork is offering resistance against the 50% retracement at 5.59. I am not certain about the placement of the pivots for the gray uptrending fork, but the angles of ascent look appropriate based off the 3 previous moves up. A move above the 5.60 area will next target 5.71, 5.88, and 5.99. I believe these...

mtb1980

Sep Corn – Daily: One could look at this and draw a triangle formation, or a down trending channel (as shown). Currently price action inside the cloud, with resistance overhead at the red Kijun line and 62% target of 5.85. 6.03 and 6.14 would be next key targets. A breakout above the channel would target the previous swing highs with retracement targets above...

mtb1980

Corn – Weekly Cont: Sep contract leading the continuous chart. The recent swing low at 5.20 nearly filled a correction target. If this low holds, retracement targets above will be used. First hurdle is the 24% retracement at 5.71. A weekly close above will give the bulls some breathing room. The primary target above is the 88% retracement at 7.10, but any...

mtb1980

Aug Cattle – Daily: Tenkan support at 121.50, Kijun support at 120.25 and further support at 118.75. Risk would be priced against the uptrend line Targets above at the 125.70 high and then above at 127.10, 128.50 with a primary target at 130.50

mtb1980

Weekly Cont. Cattle: So far the Parallel uptrend line based off the 2019 low has proved to be a strong action/reaction line. Currently working as a magnet with last week’s close right on it. **Cycle high/low targeted the week of 3/29 and appears to have done the job. Next cycle date will target the week of (or around) 8/02 to place a swing high or low….Using...

mtb1980

Continuous Hogs- Weekly: The July Contract is driving the continuous chart. Uptrend lines off swing lows, and downtrend lines off swing highs. Creates areas to watch for action and reaction points All time high at 133.60, but we appear to be turning appropriately off the recent touch of the major uptrend line based off the 18’ low. Retracements can be used...

mtb1980

KC Wheat – Weekly Cont: The primary target was filled at 7.41. Now the Sept KC wheat is leading the continuous chart lower. The 5.53 swing low will be a key risk area moving forward. Resistance is at 6.47 and then 6.65

mtb1980

November21 Soybeans: Thursday’s low at 12.40 fell short of the primary target at 12.30. If 12.40 is confirmed as a swing low, I will look at upside targets more closely. Risk below still remains between 12.30 and 12.22. Look for resistance above against any of the lines drawn. If the 12.40 low holds, nearby resistance at 13.32, 13.60 and 13.88

mtb1980

July Soybeans – Weekly: Last week’s big ugly red bar was the first weekly close below the blue Tenkan and the red Kijun line since August of 2020. Support is last week’s low at 13.23. Resistance is the red Kijun and 38% retracement at 14.55 and the blue Tenkan and 50% retracement at 14.95

mtb1980

December 21 Corn - Daily: (red) Downtrend pitchfork’s median line is working with the (grey dashed) uptrend line to attract prices lower toward support identified at 5.15 to 5.25. Further risk 4.90 to 4.71 Key resistance targets above at 6.08 and 6.22. A breakout above could target any of the upper retracements in search of the primary target at 7.23

mtb1980

July Corn – Daily: The (red) Downtrending pitchfork is in a battle with the (grey dashed) uptrend line. Price action may still target a move lower following the median line if the uptrend is broken. Support is 6.02, pattern targets have risk at 5.64 to 5.43. Resistance at 6.69, 6.85 and 7.07. If met, 7.07 should act as strong resistance and a breakout above...