September Soybeans
The bean market dipped below support level of 956-954 to post low of 949 before rebounding to finish at 954. Projections for the decline seen after the the high established at 1037.4 have been achieved and slightly overshot. We now rest at the critical level I discussed in yesterday’s post. It’s pretty dicey here with the weekly and daily candle showing no clues of an advance. As mentioned previously the market will have to earn any respect. I do currently view the structural nature of the decline non-impulsive leading me to lean towards its termination. However, patient must be utilized. A breakdown here will look to extend to +/- 934. Any rise from closing price needs to fortify +/- 962. Next level of contention comes in at +/- 982 cross zone resistance level. A rally ,if it were to unfold , will have to display impulsive qualities to be sustainable.