OVERVIEW
November Soybeans didn't make a new low on this setback from 23.6% at 1055.00 and had only one close below 78.6% back to the 8/16/24 low at 981.00. This could be the start of the next Bull run. The short term target remains at 78.6% the other way based on the ONE44 78.6% rule.
Above it, getting right back above 981.00 (78.6%) will give us a short term target of 78.6% the other way at 1048.00 based on the ONE44 78.6% rule. The long term target is 38.2% back to the contract high at 1116.00 (long term swing point), since it already reacted to the 23.6% level at 1055.00. Any rally that can't get above 38.2% at 1007.00 is a negative sign and new lows can follow.
(ZLZ24)Â
Soybean Oil has alternated days above and below the 42.35 (38.2%) swing point last week and a half and now has 4 closes above it. The short term target remains at 46.20 (38.2%).
Soybean Meal has failed to make a new low, so far after hitting longer term retracements between 344.00 and 351.00. It is currently holding 78.6% back to the 8/14/24 low, provided it continues to hold it can be the base of the Next Bull run, per the ONE44 78.6% rule.
(ZCZ24)Â
March Corn failed to make a new low after getting back below a 38.2% and 23.6% Â longer term retracements at 443.00. The setback hit 78.6% back to the 8/26/24 low at 414.00 to the tick. This can also be the base of the next Bull run. The short term target remains at 78.6% the other way.
December Wheat spent all of this week below the 580.50 swing point for the week, however it didn't get any follow through and held the 566.75 major Gann square. Provided it can get back above 580.50 the short term target is a new high for this leg up.
December Hogs held the 76.67 major Gann square and swing point for the week (76.80 low) and has now hit the target area of 61.8% at 80.35 and the 80.78 major Gann square. A setback from here can be a big one (ONE44 61.8% rule), but as always we will watch all the retracements on any setback to see just how weak, strong the market is regardless of the longer term target.
December Cattle has now traded at 78.6% back to the 3/14/24 high (187.70) for almost all of October.This level will again remain key for the next week.
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10/24/24
Lean Hogs
December
From last week,
The move below 76.67 got only one close below 75.80 and the next day it was right back above it and on to new highs.Today could be the second close above the 76.67 major Gann square and this will be the key level for the next week again.
Use 76.67 as the swing point for the week again.
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Above it, the target area is 61.8% on the continuation chart at 80.35 and the 80.78 major Gann square. On an extended....
The low for the week was 76.80 and today's high was 80.30 this will be close enough to 61.8% (80.35) to give us a long term target of 61.8% the other way based on the ONE44 61.8% rule. As always we will watch all the retracements on a setback from here to see just how weak, or strong the market is regardless of the longer term target.
Use 80.30 as the swing point for the week.
Above it, look for the area of the 84.70 major Gann square and 78.6% on the continuation chart at 85.10.
Below it, the long term target is 61.8% the other way at 69.10. The short term target is 38.2% at 73.40, this is also a major Gann square. Any setback that holds 23.6% at 76.10 would be a very strong sign and new highs can quickly follow.
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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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