SoybeansTo Stay Within Current Range
Eddie Tofpik | Apr 06, 2015 09:56
I wrote last month of the overall action being a Sideways Coil/Triangle that has turned out to be the case because the Uptrend from Sep 2014 failed to support and we saw prices try lower. This is an interesting market in Soybeans because for instance, on the Monthly Chart we have a Bearish Outside Down Pattern whilst this past week on the Weekly Chart we have a Key Reversal Up!
We have a Key Reversal Up on the Daily Chart three days ago but this is within what now looks like a possible Bearish Descending Triangle based upon the recent action on the lows between 951 – 955 acting as support and the still valid Nov 2014-to-date Downtrend (currently 1021) resistance. Perhaps the fast approaching Long MA resistance may shed some light because to be honest – none of the other MAs seem to be helping give direction & meaning!
Other support nearby is at 974 but below 950 there is little until 926 & then the band 900 – 904! Topside we also have resistance at 995, 1005, 1013 & best at and just over 1016! Because of the contrary signals, the bullet point stays the same until the picture becomes clearer!
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