Soybeans are back trading in our previous bearish target range.
This level was first identified in a 2023 analysis using our technical analysis methodology.
The price has found support from buyers at the 2016 highs.
If the 2024 supply of buyers becomes exhausted, the 2017 and 2018 highs will be the next level of interest for the bears.
Interestingly, but not surprisingly, the Head & Shoulders measured move lined up with the 2017 and 2018 highs.
Our conviction of Soybean futures reaching 1045 increases with a weekly close below 1138.
Trent Klarenbach, BSA AgEc, publishes the Klarenbach Grain Report and the Klarenbach Special Crops Report.
Klarenbach Research
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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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