Soybean prices also moving higher today making a new high for this move.
The short-term trend has turned upward with overhead resistance initially around 14.60 where our downtrend comes into play, then 14.89.
This would be our target if we can get some friendly news over the next few days.
Soybean prices have been choppy going down and up multiple times.
The chart has turned lower over the last couple days which has hooked the technical indicators lower as well.
Soybeans had broken through our 10-20 day moving average and now we have corrected down to that level which should be a good area of support.
We will see if over the next couple days if the level around the $13.50-13.80 can continue to hold.
Soybean prices also gapping higher last night, charts look very good and technical indicators look good as well.
We are getting close to overhead resistance, at least initial overhead resistance at $14, if we can break through that then 14.38 would be the next target.
Soybean prices also bouncing nicely today, last Friday beans closed higher with follow through today has the technical looking good as well.
The next level of overhead resistance is the high posted last week on Monday and that low corresponds to a spike low that was left around the 1st of April at $13.94.
Soybean prices also very disappointing making a new low for the move down to 12.88.
The good news in soybeans is they turned around and closed at 13.15 that’s 27 cents above the daily low.
That was enough to start hooking our technical, but if you look technical indicators are down and up repeatedly.
Todays move to 12.88 is a top of a consolidation area that we saw that goes back many months from about the 12.25-13 level.
That is the target that many chart watchers are probably analyzing if we can get down a little lower on the current break.
Soybean prices down sharply today, in fact making a new low for the move.
That reinstates the downtrend that’s been in place off the highs posted in June.
Current overhead resistance in the upper $13 and current chart support down around 12.80-12.85.
Soybean prices have a similar pattern to corn where we have been choppy but seem to be consolidating near the lower end of the range.
We have chart support at about $13, the low from about 3 weeks ago, initial overhead resistance just shy of $14 our high from early Monday morning.
Further overhead resistance up around $14.40.
Soybean prices also extremely volatile, down sharply mid-June, up sharp, down sharp in late June, up, and then down.
We expect soybeans to spend most of the time in the near term between $13 at chart support and about $14.40 where we have overhead resistance.