November Beans failded at 12.43 and again at 12.25. These two trend lines are long term and should not be ignored by bulls or bears.
IF SX can’t settle above $12.50 and turn the trend back to neutral/bullish, in my opinion, there is a lot of downside risk.
I’m not a dyed in the wool bear or bull, so if you don’t agree, please save the nasty emails. If you’ve read my stuff, I’m much more concerned about making $ versus being “right”. For now I want to sell rallies, but if we settle above 12.50, I’d re-evaluate my bearish opinion.
See Chart Below and trade at your own risk:
