September Soybeans
Tight range in the bean market today as the contract tries to stabilize at upper end of projected support zone. Any rally will have to contend with +/- 981 resistance level. Holding above 983 will look good. We must analyze the structure of any advance for impulsive qualities. If they exits I’d consider the recent low the end of a complex corrective (b) wave and for a (c) to be in motion which will carry market above recent highs. Overhead projection comes in at +/- 1080. However, let’s not get ahead of ourselves. Structurally speaking the market could slip to a new low here. in that event, look for a test of +/- 954. I expect this level to hold. We’ll have to wait and see.
September Meal
As with beans the meal market has hit major support levels. I could argue for this recent low to be the end of a (b) correction as I spoke of above. First the market will have to contend with 315-317 overhead resistance level. A hold/close above will look to extend. Next upside checks in at +/- 330. That being said the market could get a little slippy if we cant hold this low. Next support zone comes in lower at +/- 304.
September Bean Oil
Not a lot to see here as oil contract trades in a narrow range. Market holds first level support at 33.88 and chops slightly higher to finish at 34.15. If contract stumbles it will find support at sloping daily trend-line at +/- 33.75. Holding or closing below 33.85 won’t look healthy. Next targeted support zones checks in at +/- 33. A hold above 34.30 has market poised for further gains. First resistance comes in at +/- 34.50 Pressing above reaches for +/- 34.75.