Morning Star ? Focus September Soybeans

John LunneyGeneral Commentary

  September Soybeans  

      After establishing a low of 917.2 against a series of diverging indicators the bean market was able to press modestly higher in today’s session closing just off the 931.6 high at 931. There exist a morning star candle formation in the daily time frame charts. This is a potentially bullish pattern. Any continued advancement will target +/- 946. I’d be expecting a reaction off this level. On the downside, in order to keep the arrow pointing higher the contract will have to hold above +/-926. A breakdown through here could send market reeling. Extended downside target zone comes in at roughly 903.