Commodity Futures Trading

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Soybeans SOYB ETF Target Hit!
By: Barchart | March 19, 2023

ONE44 Analytics where the analysis is concise and to the point

Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.

SOYB ETF

We are now updating the article we posted below last week on the SOYB ETF as it is about to reach our target area.

The break from the 78.6% retracement and major Gann square up at 28.43 is 2 ticks away from the 38.2% and 61.8% retracements mentioned last week at 27.05 and just above the 26.94 major Gann square. This is the area that must hold to keep the short term trend positive and doing so can send it right back up to test the highs again and the 28.43 major Gann square.

A failure to hold 26.94 turns the short term trend negative and you can look for the next major Gann square below at 25.51.

Last week,

(SOYB) (ZSK23)

Using the two methods mentioned above, we can see that the market has been stopped up at the 28.43 major Gann square and 3 times it has hit a 78.6% retracement, this happened on 1/12/23, 2/13/23 and most recently right at the 28.43 major Gann square on 3/6/23.

When using the major Gann squares the target on a move away from one is to go to the next and this is the 26.94 target, In this area are two important Fibonacci retracements at 27.05, they are 38.2% back to the 7/21/22 low and 61.8% back to the 9/8/22 low. This is also the Intermediate trend swing point, above it, the target is the 30.05 major Gann square. This will also be the target once it clears the 28.43 major Gann square, even if it doesn't hit the 26.94 target below.



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