Soybeans: Consolidation is the Name of the Game
Soybeans
Fundamentals: Yesterday’s Crop Progress report showed that the U.S. soybean crop is 78% planted, 2% behind estimates but only 1% behind historical averages. 55% of the crop is emerged.
Techncials (July): Consolidation looks to be the name of the game as the market is forming a wedge of higher lows and lower highs. This could lead to a bigger directional move once the wedge is broken. With the market consolidating, many of our technical support and resistance levels remain intact. First resistance comes in from 1717-1720. Support comes in at 1690.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1717-1720***, 1734-1741***, 1750**
Pivot: 1700
Support: 1690**, 1673-1679 ½***, 1665 ½-1673 ¾****, 1605**
Fundamentals: Yesterday’s Crop Progress report showed that the U.S. soybean crop is 78% planted, 2% behind estimates but only 1% behind historical averages. 55% of the crop is emerged.
Techncials (July): Consolidation looks to be the name of the game as the market is forming a wedge of higher lows and lower highs. This could lead to a bigger directional move once the wedge is broken. With the market consolidating, many of our technical support and resistance levels remain intact. First resistance comes in from 1717-1720. Support comes in at 1690.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1717-1720***, 1734-1741***, 1750**
Pivot: 1700
Support: 1690**, 1673-1679 ½***, 1665 ½-1673 ¾****, 1605**