03rd Oct - Soybeans Slip to Key Long Term Supports
03 October 2013
MONTHLY CHART – CONTINUATION:
Recent resistance came from the old 1663.00 2008 high. The market has returned to the long term bull channel base support – failure here would give the bears a boost.
WEEKLY CHART – CONTINUATION:
A recent bounce off the 76.4% retracement found clear resistance from the old channel base. The slip back to the 76.4% level raises expectations of a break lower, which would then expose the 1094.25 Dec-11 low.
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