Recent Soybean Recovery Muted So Far
28 October 2011
WEEKLY CHART -CONTINUATION
The clear failure of the market at the 76.4% retracement saw violation of key support from around the 1291.25 2009 high (which now offers resistance).
Next support is offered around the old 1078.50 high, ahead of the bull channel base projection.
DAILY CHART -Jan-12:
The recent bounce has so far found interesting resistance from the 1282.00 38.2% recovery level, just ahead of the 1293.25 09-Aug low. This keeps the outlook firmly in the bears' favour for now.
Any push higher would likely postpone the bear campaign, but would have to contend with the rising old support/return line at 1320.00.
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