Weekly Wrap-up: September Soybean Complex

John Lunney General Commentary Leave a Comment

     September Soybeans

      Moderately higher price action unfolds in today’s market action. Weekly candle formation develops a high-wave inner doji displaying market participants uncertainly.A hold above 1006 should challenge +/- 1020. I believe a hold/close above points to further advancement targeting +/- 1065. Market finds initial support right at closing price. A slip lower that holds below 1006 has potential to test .618 retracement level at +/- 992. If contract waivers it will slip to +/-985 with shadow potential to +/- 977. A close below 975 looks to extend to 963-956***.

 

September Meal

     Potential inverted candle formation in the hourly structure. Above 324 triggers bullish setup. Overhead target zone at +/- 331-332. A close above 333 should set up advancement targeting +/- 339. A hold below 323 looks to weaken to roughly 320***. A close below should unravel to +/- 310.

 

September Oil

    A robust rally press above 34.70 targeted resistance to post a shadow high at 35.16 shy of 35.40 overhead extension level before easing to finish at 34.71. Pressing higher from her should challenge Friday’s high. A violation reaches for +/- 36.00. Beneath 34.50 slips to +/- 34.00. If level can”t hold an unfolding (b) or ii wave should weaken to +/- 32.80

 

 

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