Yesterday’s action on the charts for beans is technically a key reversal. This is a formation which can signal major changes in the trend. Generally viewed as negative for the bulls. One caveat, we had one of these $2.00 ago in the beans, so like every thing else in life it doesn’t always work. What it does do is give you confidence to make a decision, place your stops, and let the price action play itself out.
Look for a $2.00 break in Beans and a $1.00 to $1.50 break in corn. Those breaks will be opportunities to get long looking for a rally higher.
