July Soybeans
The soybean contract did not display the selling conviction I was calling for. This leaves me slightly perplexed. Todays early selling pressure fell short of hitting first support level of 920.0 and instead snapped back to finish at 934.6 with the high touching established trend line resistance at 938.4. A press above here (holding) looks to extend to +/- 947.0 inner pitchfork line. Should have reaction off here. Any sustained strength sets up further gains targeting +/- 960.0. A fall back under 931.0 leans on contract. Extending lower to a weeks full ATR would target +/- 912.0. Underneath objective for wave extension comes in at 900.0-895.0.
Soybean Meal
Meal pressed lower in early action and recovered modestly to settle at 300.6. Structure does display signs pointing to a leading diagonal first wave decline. A non-impulsive rebound could be in the cards. First overhead resistance comes in at 305.8. Working its way above here sniffs out +/- 307-308 area. I’m expecting this location to challenge any advance and possibly mark wave ii high. Until structural evidence becomes available it is difficult to asses. If prices were to erode from here or be turned back after a failed rebound support target comes in at 295-292.
Soybean Oil
As stated in earlier post Oil sprang out of apex support level just above 31.80. I’d expect further gains from here as the market recovers from a leading diagonal first wave decline low set at 30.87. Next modest upside target comes in at +/- 33.40. Extended upside projection lies overhead at 35.40. This recovery should show signs of choppiness and wave overlap as it is non-impulsive in nature. An attempt to stay instep with this will be made. Please feel free to follow along with mine and my college’s posts concerning the current state of the markets.