Soybean Prices To remain within Established Range
Eddie Tofpik | Dec 09, 2015 10:44
Absolutely went to plan until the 23rd of Nov! That Monday we had a Key Reversal Up for Soybeans which was followed by another KR Up the following Monday…I’m looking to see what this coming Monday does.
Anyway, the KR Up was so strong that it caused a KR Up on the Weekly Chart and a Bullish Dragonfly Doji on the Monthly Chart. Last Friday at COB…we were testing the Medium MA (currently 907)…that’s how strong the rally has been!
This recovery rally—if that is what it is—is enough that I will move the bullet point into neutral in anticipation of a test of the Medium MA Monday. Other resistance is at 913, 919 – 921, 926, 933, key at 945 & 950. Support is also at 900, 891, key at 882, 878, 873 & 844 - 842.
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