Soybeans Pushing on Pivotal Support

07 July 2011

WEEKLY CHART -CONTINUATION

The market earlier pulled back from dual resistance from a bull channel top projection and 76.4% retracement level.

First support from around the 1291.25 2009 high was earlier tested, and has again come under scrutiny. This ties in well with Daily chart support.

DAILY CHART -Nov-11:

The slip back from near the Apr 1411.25 high initially breached a rising support line , which was not viewed as significant.

However, fresh pressure is now being put on the 23.6% retracement -this coincides nicely with Weekly chart support and is seen as a pivotal level.

A break below this would provide an initial bear sign here, and invite a test of the 12.18.70 38.2% level next.