September Soybeans
Analyzing the structural nature of the advance stemming from the lows of last week it is difficult for me to label it as impulsive. As always I will employ all technical tools to gain any insight on to which direction the contract is likely to move. In today action the market posted a high just under 974 and failed to hold above the prior (iv) wave extreme at speed line resistance level slipping below to settle at 967. Any pressure here will find early support just above 960. A failure to hold will test save level at +/- 954. Any close beneath 954 will be not look healthy. Next targeted support comes in at +/- 931. On the upside the market will have to fortify +/- 971 to get anything going. If so contract will sniff out 980. Pressing above should target +/- 993. A close above 980 should set stage for advance targeting 1002-1012 extended resistance zone.