Channeling: September Soybeans

John Lunney General Commentary Leave a Comment

September Soybeans

     Hard to make much out of today’s price action as the market holds in a 6 cent range in one of the tightest sessions we have seen in awhile. Closing at 932.4 puts the contract right on channel line support. A crack beneath 931 will look to slide. Target support zone comes in at +/- 921. A failure below 919 won’t look healthy and the market will be vulnerable to a harsh follow through which should test the recent front month low at +/- 901. If ,however, we can stabilize here the market should reach for 939-941 major overhead cross zone resistance and  possibly shadow to daily inner trend line at 944. A close above 945 sets up advancement to roughly 968.

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