September Soybeans
Market held Monday’s low as suggested and took out early week’s high. Prices did challenge noted resistance level of 1010 failing at 1008.2 before losing all its gains to settle at 993.6. It’s a structural mess as I see it and I find it difficult to to discern any high probability scenario playing out. The late pullback did hold up on a trend line, however, a bounce from here will probably be unimpulsive ( sloppy ) and doomed to fail. First resistance comes in at +/- 1003. A hold above will look to take out recent week’s high following through to roughly 1013. A close above targets +/- 1030. A failure below today’s low will look to weaken to +/- 985-84 . This area needs to holds. A failure to do so slips to +/- 980 speed support line. If today’s action established a b-wave high then a likely flush below 980 will unravel to roughly 955.
Soybean Meal
Same price action in meal today as contract leaves few clues to its next move. Today’s low at 324 holds up at trend line and .618 convergence level. A rise off will be met with resistance between 327.5 and 328.0. A hold above reaches for +/- 332. A close above 334 targets +/- 340. A violation of today’s low slips to test save level at +/- 321.5. A hold below will open the door for further pressure. A full 1 to 1 extension comes sin at +/- 311.
Soybean Oil
Not a lot of info to digest in today’s action. Any selling will test trend line support at +/-33.00. A violation here follows through to extension level, channel line and inner trend line support zone between 32.45-32.25. Market will have to hold above 33.60 to be on solid footing. If so a likely rise will unfold targeting +/- 34.75.