Nice Save: Soybean Complex

John Lunney General Commentary 0 Comments

September Soybeans

     The beans market slipped slightly to test recently mentioned save level of 974 holding up just above at 975.4 at inner trend line support trow-back. Prices rise above first resistance level at 988 and extend to 995.4 before settling at 992.6. The market will have to hold above 982 to continue its advance. A hold beneath looks to crack to +/- 970 cross zone support and Fib retracement convergence zone. If a-b-c corrective pattern is complete contract will continue its bullish stature. Moderate overhead resistance comes in at +/- 1008-1010. A hold above sets sights on +/- 1040.

 

Soybean Meal

     Similar structure exits in the meal market. The contract will have to hold 320 or it will be vulnerable to further pressure. Underneath cross zone support comes in at +/- 317. A violation here follows through to +/- 309. If market is able to further its rise it will first contend with the 333 level. Holding above extends to +/- 345.

 

Soybean Meal

     It appears that an intermediate  a-b-c decline is in place. This marks the b wave low of an larger  a-b-c advance which is a part of an even larger w-x-y complex rally. Look for prices to hold above 33.30. First overhead resistance comes in at +/- 33.70. A hold above looks to extend. Next objective checks in at +/- 34.45. On the other hand, a failure below 33.20 sets stage for further pressure targeting 32.9-32.75.

 

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