Soybeans
This is such a messy Daily Chart above. However, it is coming to a cusp soon because the duel between Bearish and Bullish Andrews Pitchfork looks like coming to an end. It is also inconsistent in taking leads from Key Reversals. On last month's report I had a KR Up on the Daily Chart (marked) and anticipated a move up on Monday as a result - this failed or at least had a question mark against it as we went for three days lower before then trying successfully higher.
Mid-month we have a huge KR Up but what happens...it fails. The subsequent KR Down marked on the Daily Chart above did have a follow on...but it was disappointing in its outcome as though went lower for a few days, prices then reversed and moved up...only to finish last Friday with a Bearish Open and Close Black Marubozo. All this is unsettling and whilst we are higher and over the key recent 50% Fib at 972, I am still cautious.
I feel obliged to move the bullet point over to Bullish as three out of four MAs are pointing higher. However, I'll only move it to Mildly Bullish as I am concerned to see which of the two Schiff Pitchforks - the Bearish or the Bullish - have ascendancy.
Support is currently at 972 - 971 (dynamic), 968, 963 - 962 (dynamic), 959, 952, 948 and 945 (dynamic).
Resistance is currently at 979, 983, 985, 990 - 991 (dynamic), 994, 1003 and 1007(dynamic).
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