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Soybean Commodity Bulls Break From 2010 Range

Commodities / Commodities Trading Sep 27, 2010 - 05:24 AM GMT

By: Seven_Days_Ahead

Commodities

After early 2010 weakness the price of Soybeans (CBOT) has, with some interruption, been moving from the bottom to top of its range for the year. Latest strength has seen a bullish break through the top of this now, so we can start looking at high targets/resistances.


The Commodity Specialist view


WEEKLY CONTINUATION CHART:

Note the 76.4% retracement level here, which provided effective support. In fact the late 2008 low was also at a long term 76.4% support (not shown).

The top of the recent range, the 1078.50 Dec-09 high (slightly lower on the front month chart), has now been exceeded.

Focus next turns to the 1134 61.8% recovery level.

 DAILY CHART NOV-10:

After the Aug pullback held above first support around the 987.00 21-Apr high the 1060.25 Dec-09 high has now been breached.

With bulls remaining in control we note two overhead projections now, the 2.618 swing off prior Apr/Jun downleg, at 1150, and a slightly higher projection around 1166.

First support now comes from the 1060 area.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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