Soybeans Swing Point And Targets.
Soybeans
The chart is key to this analysis!
This will be the last update for January.
From last week,
It was a quiet week for Soybeans, the rally from 78.6% at 1297.50 could only get to 38.2% back up at 1333.00 and is now back down to the swing point for the week at 1297.50.
Use 1297.50 as the swing point for the week again.
This week was another quiet one and it held the 1297.50 swing point for the week.
Use 1297.50 as the swing point again.
As far as the seasonal timing it has been in a downward trend since the 11/15/23 high so it wont end up being a high, but it looks like it will stand out as a bottom provided the swing point holds. This looks the same for all the Grains.
Above it, being a 78.6% retracement we will be looking for 78.6% the other way following the ONE44 78.6% rule at 1375.00. The short term target is the 1353.75 major Gann square.
Below it, look for the area of the 1266.25 major Gann square and 61.8% of the 5/31/23 low and 7/24/23 high at 1258.00. On an extended move lower, look for 78.6% of the same move at 1206.00.
We recently did a post on the Soybean ETF SOYB, you can find it here.
VIDEO
(ZSF24) (SOYB) (CLG24) (LEG24) (ADM)
Our latest Fibonacci retracement Video with the ONE44 rules and guidelines shows what to look for when targets are not met. We cover Soybeans, Crude Oil, Lean Hogs and the stock ADM
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On the date of publication, Nick Ehrenberg did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.