Soybeans
May
From last week,
Last Friday closed well above 1165.00 (61.8%) and a 50 cent rally followed, however it closed below 23.6% today at 1200.00. While we still think this can be a longer term bottom, closing below 23.6% could send it back to test the low.
Use 1200.00 as the swing point for the week.
The setback below 1200.00 could not even get back below the 1180.75 major Gann square. Using today's high we will start to watch 38.2% back to the 2/29/24 low, at 1189.00, this will be the first test of the strength of this market.
Use 1189.00 as the swing point for the week.
Above it, holding 1189.00 will be a good sign that the trend is turning up. The short term target is 38.2% at 1241.00. Now that it is back above 1165.00 (61.8%) the long term target will be 61.8% back to the contract high at 1309.75, also a major Gann square. When and if it takes out the long term swing point of 38.2% at 1241.00 we will have an even higher long term target.
Below it, look for 78.6% back to the 2/29/24 low at 1149.00. The long term target is 78.6% on the long term chart at 991.00. Before then there are major Gann squares to look for support and then swing points if taken out at 1103.75 and 1069.25.
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