In our January 2 article, we suggested the following:
"The Soybean downtrend continues.
Last summer, we hypothesized Soybeans could pull back to the 1170 price level, as annotated on the chart below.
The grey area represents our level of interest in a price target range.
A retest of the yellow trendline on the weekly chart increases our conviction the pullback will occur. "
The chart below displays how the 1170 level was reached, with the bottom range of the gray level of interest bringing in buyers.
Trent Klarenbach, BSA AgEc, publishes the Klarenbach Grain Report and the Klarenbach Special Crops Report.
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On the date of publication, Trent Klarenbach 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 Disclosure Policy here.
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