Overview

6/13/24

(ZSN24) 
Soybeans continue to hold above their 78.6% retracements and that keeps the idea of a rally to 78.6% the other way possible.

This is from our Weekly Update,

July
From last week,

It couldn't get above the 1214.00 swing point for the week, this was 38.2% back to the 2/29/24 low and this turned the short term trend negative. It is now just short of the 78.6% target (Nov. is much closer) this is the next level that it needs to turn back up from to keep the idea of a summer rally intact, if not we will be looking for much lower prices. It has now had 3 closes below the 1191.00 major Gann square.

Use 1191.00 as the swing point for the week.

It got one close above 1191.00, but the rest of the week stayed below it. It was a small range for the week and as long as the 78.6% level at 1166.00 holds we continue to look for a rally to 78.6% the other way. The Above/Below remain the same.

Use 1191.00 as the swing point for the week again.

Corn

(ZCN24) 

July has rallied 18 cents so far from the 442.50 swing point for the week and we are looking for more. December has rallied 17 cents and the short term target remains at 467.00 (78.6%)

Wheat

(ZWN24) 

July never did get above the 651.00 swing point for the week and the 45 cent break from it has hit 61.8% at 608.00. December failed to hold 38.2% at 685.50 and this turned the short term negative, it is currently holding the 659.75 major Gann square.

(LEQ24) 

August Cattle held the 176.49 (38.2%) swing point for the week, but has been unable to make a new high from it and a turn lower from the 78.6% retracement can cause a quick setback.

Cattle held the 176.49 swing point for the week and has rallied over $6 so far, we are looking for 186.50.

(HEQ24) 

August Hogs remain extremely negative and we continue to look for 61.8% at 87.00.

The big turnaround came after it hit our target of the 67.53 major Gann square and 61.8% at 67.00. Following the ONE44 61.8% rule the long term target is 61.8% the other way.

This is what our Premium Members received in this weeks update,

6/13/24

August
From last week,

It failed to hold the key long term 38.2% at 95.30 and this turned the long term trend negative and it has hit the short term target of the 91.57 major Gann square.
 

Use 91.57 as the swing point for the week.

It couldn't get back above the 91.57 major Gann square, the range for the week was small, but it did make a new low for the move.

Use 91.57 as the swing point for the week again.

Above it, look for the area of the 95.75 major Gann square and 38.2% back to the contract high at 96.50, Any rally that can't get above 23.6% of the same move at 96.63 keeps the trend extremely negative.

Below it, look for the target area of the 87.53 major Gann square and 61.8% on the continuation chart at 87.00.

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.