17th Jan - Soybeans Held By 61.8% Support
17 January 2013
WEEKLY CHART – CONTINUATION:
The 1455/56.00 old highs area failed as support, and earlier upward momentum has been lost. On this chart potential support comes from the channel base projection at 1340.00. But see Daily chart...
DAILY CHART – Mar-13:
The dual support from the area of the 1377.75 Apr high and 1363.50 61.8% pullback level again came under pressure, but has still held. This leaves the lower target/ support from the 1277.30 76.4% retracement out of reach for now.
Bulls would be encouraged by a continued recovery through the 1528.60 38.2% retracement level at this stage.
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