Soybean Analysis, Grains Overview

Overview

(ZSN24) (ZSX24) 
July Soybeans failed to hold 38.2% at 1214.00 (swing point for the week) and now are just above the 78.6% target. November also failed to hold 38.2% at 1189.00 (swing point for the week) and has a little more to go to get to the 78.6% target.

(ZCN24) (ZCZ24) 

July Corn could not get back above the 455.25 major Gann square and swing point for the week and are approaching the 78.6% target. December also could not get back above the 477.50 swing point for the week and are 2 cents shy of the 78.6% target.

(ZWN24) (ZWZ24) 

July Wheat took out the 676.00 swing point for the week and hit the short term target at 651.00, with this level being a 38.2% retracement it will be key to this market's trend remaining positive. December, the break from 735.00 (23.6%) is now short of 38.2% of the current rally, this will also be key to the trend staying positive.

SOYBEANS

July
From last week,

There was no follow through with the new highs and it is now right back at 38.2% at 1214.00, this is key to the trend staying positive. With no new high the Above/Below remain the same.
 

Use 1214.00 as the swing point for the week.
 

Below it, failing to hold 1214.00 tells us that there may be more work to be done before the rally continues, if so look for 78.6% back to the 2/29/24 at 1166.00.. There is one major Gann square to watch for support at 1191.00, a trade down to this and a close right back above 1213.00 would be a positive sign.

It couldn't get above the 1214.00 swing point for the week, this was 38.2% back to the 2/29/24 low and this turned the short term trend negative. It is now just short of the 78.6% target (Nov. is much closer) this is the next level that it needs to turn back up from to keep the idea of a summer rally intact, if not we will be looking for much lower prices. It has now had 3 closes below the 1191.00 major Gann square.

Use 1191.00 as the swing point for the week.

Above it, The short term target is 78.6% back to the 5/23/24 high at 1241.00. Any rally that can't get above 38.2% of the same move at 1207.00 is a very negative sign and new lows for the move can follow. The long term target is…..

Below it, the short term target area is 78.6% at 1166.00 and the 1151.25 major Gann square. A trade below 1166.00 that hits, or trades below the 1151.25 major Gann square and then closes back above 1166.00 can cause a sharp rally. A failure to turn higher from this area…..

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