Soybeans: Trend?
Last time I wrote an 'X' where I thought the target would be for the Double/Triple Top formed in July. The market duly obliged and reached the target as you can see on the Daily Chart above. The market is seemingly still bearish and though I can draw some Bullish Andrews and Schiff Pitchforks on the recent action, I'm not going to as I do not feel comfortable about it. This is despite two flat-lining MAs and only the Short and the Long MA pointing down.
Perhaps, upon reflection and looking at recent action maybe the idea of moving the bullet point above into neutral is appropriate as we did have a Key Reversal Up this past week on the Weekly Charts and it would not be beyond the realms of reason to look to see the Middle Tine (currently 878) and the Medium MA (currently 951 5/8) being tested. I think that's what I'll do...move from mildly bearish to neutral and perhaps look to see a small test higher.
Support is currently at 928, 921, 917, 912 and 901 - 892.
Resistance is currently at 945, 949, 951(dynamic), 964, 969, 979 and 983.
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