In early 2011 a Soybean recovery encountered clear resistance from a long term Fibonacci level, and the market has since turned consolidative. Pressure is currently bearing on a pivotal support area.

  • WEEKLY CHART -CONTINUATION The market earlier pulled back from dual resistance from a bull channel top projection and 76.4% retracement level. First support from around the 1291.25 2009 high was earlier tested, and has again come under scrutiny. This ties in well with Daily chart support.
  • DAILY CHART –Nov-11: The slip back from near the Apr 1411.25 high initially breached a rising support line , which was not viewed as significant. However, fresh pressure is now being put on the 23.6% retracement –this coincides nicely with Weekly chart support and is seen as a pivotal level. A break below this would provide an initial bear sign here, and invite a test of the 12.18.70 38.2% level next.

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