Soybeans Retesting Long Term 76.4% Resistance
08 September 2011
WEEKLY CHART -CONTINUATION
Resistance at the 76.4% level was clear, as was support around the prior high of Jun-09 (which coincided with a 23.6% level on the front month chart).
After several bounces from this support, the latest has retested the resistance. We await reaction around here once more -a break higher will have to contend with bull channel top resistance at 1515.00 currently (also see below).
DAILY CHART -Nov-11:
The recovery off former key 23.6% support has seen a new 2011 high, finding s/term resistance from the channel top projection, around 1465.00 now. We currently wait to see how effective this can be.
Note a higher Fibo projection at 1514 which coincides with a resistance on the Weekly chart above.
The 1282.00 09-Aug low and old 23.6% area remain key support.
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