January Soybeans Have 2 trend lines to be aware of on the longer-term daily charts.
The first is a bearish one… The first point to mark for the trend line is the Jun 12th high at 1105… The second point is the Aug 13th High at 1066, and the third point is the Oct 23rd high at 1029 1/4 and the fourth point is last Thursday’s high, Nov 4th at 1022 1/2 … It projects out with resistance all this week at the 1018 level…In fact, I had thought we would have broken higher last Thursday Morning… once we traded up to that trend-line, but we couldn’t push above and instead, it started a landslide of selling, down to the 955 level…
The Bullish trend line below has two good points… The first is the March 3rd low at 797 and the second point is the Oct 5th low at 885 1/2 … It projects out with support down at the 901 level… Its far away, but we did break 60 cents alone last week, and if the bears get a hold of this trend and really push it, they will be looking at that trend line to push it another 50 cents down to that 900 level
Good Trading