Soybeans: Last time I drew a bullish Andrews pitchfork (since removed I’m afraid L) and said,
This AP might give the Angle of Attack for the coming market if it decides to maintain a bullish stance. Lower Tine support is currently at 1016 7/8 so we have effective support from there until 983 5/8 and we know where the resistance is already.
Well, prices did indeed decide to test the support and ignore the bullish AP I’d drawn, we went all the way down to the support mentioned at 983 5/8(dynamic)and formed a horn bottom before accelerating higher up to a newly formed mildly bullish channel line resistance at 1086 ¾(dynamic – support is at 993 ¾[dynamic]).
Since then, we’ve come off and entered a phase of indecision before seemingly this week, despite two consecutive closes below the 50% Fib at 1031 ¾ and long MA (currently 1030 3/8[dynamic])…entering a possible new bullish phase with a key reversal up last Wednesday on the daily chart above, or that is what it looked like, because on Friday we had a KR down on the daily chart.
So it may be that we are back into indecision…though with most if not all MAs heading up, a mildly bullish tinged one. Where we close consecutively, I’m now saying three times above or below the 50% Fib/Long MA is now vital for the direction of the market. Beware of false breaks. Given the mildly bullish channel and despite the seeming indecision, I am minded to move the bullet point above into mildly bullish.
Support in addition to previously mentioned levels is currently at 1026, 1024, 1020, 10171006, 1002(dynamic) and 989.
Resistance in addition to previously mentioned levels is currently at 1039, 1043, 1069 – 1072 and 1080.
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