The Commodity Specialist view – After early 2010 weakness the price of Soybeans (CBOT) has, with some interruption, been moving from the bottom to top of its range for the year. Latest strength has seen a bullish break through the top of this now, so we can start looking at high targets/resistances.
- WEEKLY CONTINUATION CHART:
Note the 76.4% retracement level here, which provided effective support. In fact the late 2008 low was also at a long term 76.4% support (not shown).
The top of the recent range, the 1078.50 Dec-09 high (slightly lower on the front month chart), has now been exceeded.
Focus next turns to the 1134 61.8% recovery level. - DAILY CHART NOV-10:
After the Aug pullback held above first support around the 987.00 21-Apr high the 1060.25 Dec-09 high has now been breached.
With bulls remaining in control we note two overhead projections now, the 2.618 swing off prior Apr/Jun downleg, at 1150, and a slightly higher projection around 1166.
First support now comes from the 1060 area.
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