Diverging: Focus September Soybeans

September Soybeans

     The bean market violated recent extreme of 920.2 in early trading to post a low of 917.2 before recovering to settle at 923. There is multiple time frame divergence in the price charts which could be signaling a rebound in prices. Confirmation is needed and this will be achieved if the market can press above 926 major cross zone resistance. Next point of contention comes in at roughly 934. If prices can fortify this level a likely follow through will target +/-946-949. If the market stumbles from the closing level a hold of 919 will keep things in check. If this level comes out expect another leg down to +/-911-909.