02nd Aug - Soybeans Through 2008 Peak
02 August 2012
WEEKLY CHART - CONTINUATION:
The bulls have driven prices through the bull channel top, signalling an increase in upward momentum. This will be best preserved while the 1455/56.00 old highs area can hold as support for future dips.
Any further slip needs to hold above the 1317.50 low to avoid casting serious doubt on the bulls' resolve.
Meanwhile, now through the 2008 peak, one potential target is offered by the Fibonacci growth projection at 2041.00, the 2.618 swing off prior 1456.00/1094.25 Aug/Dec-11 pullback.
DAILY CHART - Nov-12:
Breaking above last year's high and the bull channel top here gave bulls a boost, and there is currently little that suggests fatigue.
Nearby support comes from the 1521.00 38.2% pullback level , and then the former channel top near 1490.00. Failure here would expose the old 1400.00 high area and slow the current rapid rate of ascent. We would stay long at least while this latter support holds.
On the upside the next Fibonacci projection lies at 1890.00. No guarantees this can be reached but it does offer potential resistance if tested.
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