Soybean Bulls Break From 2010 Range
23 September 2010
The Commodity Specialist view -
WEEKLY CONTINUATION CHART: Note the 76.4% retracement level here, which provided effective support. In fact the late 2008 low was also at a long term 76.4% support (not shown). The top of the recent range, the 1078.50 Dec-09 high (slightly lower on the front month chart), has now been exceeded. Focus next turns to the 1134 61.8% recovery level.
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DAILY CHART NOV-10: After the Aug pullback held above first support around the 987.00 21-Apr high the 1060.25 Dec-09 high has now been breached. With bulls remaining in control we note two overhead projections now, the 2.618 swing off prior Apr/Jun downleg, at 1150, and a slightly higher projection around 1166. First support now comes from the 1060 area.
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Philip Allwright
Mark Sturdy
Seven Days Ahead
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