Soybeans
This past month was '...the duel between Bearish and Bullish...Pitchfork...' and the Bullish Schiff Pitchfork won. We are travelling upwards within the Lower Tine (currently 955¼) and Middle Tine (currently 1017). I could even draw a Bullish subset of minor Andrews and Schiff on the action over Oct - Nov but as I've tried to clean up this Daily Chart above after the mess it was last time I feel obliged not to deliberately screw up the scene this time. I do reserve the right to add them next time if the situation demands it...as I see fit. I'd even move the bullet point above into fully Bullish but with two up and two down in the MAs this would not be right, despite us being above all MAs at this time. The only concern on the upside is the 1000 level.
The Roundphobia of the number stalled the previous rise back in October. However, there is more ammunition this time and I'm minded to think that at the least the market will take a longer crack at it. You can actually see the fear of 1000 with the number of Indecisive Dojis and Spinning Tops within the last few trading sessions - three out of the last seven. We'll see if the Schiff Pitchfork trumps that as only consecutive closes below the area support of the Long MA (currently 965½) , the Medium MA (currently 969) and the recent 50% Fib at (currently 972½) - basically 965 to 973 - would turn this market Neutral and possibly Bearish. That said, the two tries at 1000 may convert to a large Double Top...but more on that if it happens.
Support is currently at 985½, 983½, 979, 972½, 969 (dynamic), 965½ (dynamic), 964, 959¼, and 955¼ (dynamic).
Resistance is currently at 996½, 1000, 1001½, 1003¼, 1007½, 1017 (dynamic), 1018, 1022¾ and 1026¼ - 1028.
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