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Soybeans CBT Futures (S) - New Pattern Forming

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DiscoverGold   Sunday, 08/23/20 11:06:46 AM
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Soybeans CBT Futures (S) - New Pattern Forming »» Daily Summary Analysis
By: Marty Armstrong | August 22, 2020

The Soybeans CBT Futures closing today at 9046 is immediately trading down about 5.31% for the year from last year's settlement of 9554. Presently, this market has been rising for 2 months going into August reflecting that this has been only still a bullish reactionary trend. while it is still trading above last month's close of 8902.

Up to now, we still have only a 2 month reaction rally from the low established during May. We must exceed the 3 month mark in order to imply a trend is developing.

While the historical perspective of the of this market included a decline from the major high established back in 2012 moving into a major low in 2019, the market has bounced back for the last year. The last Yearly Reversal to be elected was a Bearish at the close of 2016.

From a perspective using the indicating ranges on the Daily level in the Soybeans CBT Futures, this market remains moderately bullish currently with underlying support beginning at 8974 and overhead resistance forming above at 9100. The market is trading closer to the resistance level at this time.

On the weekly level, the last important high was established the week of August 17th at 9194, which was up 17 weeks from the low made back during the week of April 20th. So far, this week is trading within last week's range of 9194 to 9012. Nevertheless, the market is still trading downward more toward support than resistance. A closing beneath last week's low would be a technical signal for a correction to retest support.

The broader perspective, this current rally into the week of August 17th reaching 9194 has exceeded the previous high of 9042 made back during the week of July 6th. Right now, the market is neutral on our weekly Momentum Models warning we have overhead resistance forming and support in the general vacinity of 8796. Additional support is to be found at 8704. Looking at this from a wider perspective, this market has been trading up for the past 7 weeks overall.

Looking at the longer-term monthly level, we did see a correction from the key high of February for two months. Since that low made in April, the market has rallied for 3 months. Meanwhile, the past three months has witnessed a rally of 37% percent. A month-end closing below 1127 will warn that the market is losing its upward momentum and should retest support below. It will take generally a monthly closing above 1272 to maintain a near-term upward rally.

This market is trading below that high of January which was 9610 by more than 5 percent. This warns that the trend is weak moving forward. Nevertheless, at this time, the market is still weak trading beneath last month's low.


Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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