Hanging On? Focus September Soybeans

September Soybeans

Bean market clinging for life as prices hold at lower end of support zone at 930.2. Contract fights off selling and chops up to close week at 938.2 just off session's high of 939.4. Doji candle develops in the daily price charts. Market will have to hold above 932 to fend off any more aggressive selling pressure. In the event of a sell off market will likely target +/-909 with intermediate support at +/-918. A press and hold above 943 would go along way in establishing any kind of rebound. Next overhead targeted resistance level comes in at roughly 957. Big pressure level here as cards will most likely change hands. A close above 960 could spell the bottom of a complex (b) wave correction. One must observe supporting structural clues to come to any conclusion.

John Lunney

Senior Technical Analyst

Walsh Trading

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