Soybeans
November
From last week,
After getting back above the long term 78.6% level at 978.00 the rally was unable to get through 1032.75. Friday's high was 1031.25 and the rest of this week traded below the swing point for the week keeping the trend negative for now. We continue to look for a 78.6% retracement to test the recent low. The Above/Below levels remain the same from last week.
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Use 1032.75 as the swing point for the week again.
The small range for the week can be considered a positive thing since the setback from the 1032.75 major Gann square has not sent it down to the 78.6% level at 972.00 yet. The previous week had one close below 38.2% back to the low at 1002.00 and all of this week closed above it, another positive sign and this level will be key to the next week. We usually don't like to use the 38.2% retracement so early in a new leg, but holding as we said would be a good sign.
Use 1002.00 as the swing point for the week.
Above it, Â the short term target is 38.2% back to the contract high at 1116.00. Â Any rally that can't get above 23.6% of the same move at 1055.00 is a very negative sign and new lows can quickly follow.
Below it, the short term target is 78.6% back to the 8/14/24 low at 972.00, this also brings it back into the long term 78.6% level at 978.00.
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On the date of publication, Nick Ehrenberg did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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