Beans and Corn at key support

ONE44 Analytics where the analysis is concise and to the point

Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements and Gann squares.

SOYBEANS

The rally after closing above our long term target of 1588.00 took them up to the next major Gann square of 1671.00.

Once they did take out 1588.00 it became the short term swing point and the long term target is 1970.00.

The break from 1671.00 has it right back on the short term swing point of 1588.00 and as long as it can continue to stay above it look for the long term target and all of the other major Gann squares for resistance. These are 1746.75, 1830.25 and 1915.50. All of these are marked on the chart below.

With a solid close below 1588.00 look for 23.6% back to the 2019 low, this is 1467.00. Using the ONE44 Fibonacci rules and guideline, any market that can only go 23.6% back is extremely strong and that it would have to take out 38.2% to say that the bull run is over for the time being. This level is 1337.00.

CORN

The current break in the Corn has taken it into a key area of support.

This area has 23.6% (636.00) of the 2020 low, 38.2% (642.00) and a major Gann square at 633.00. Use this area as the short term swing point. Above it, look for new highs and then the long term target of 840.00. Also watch all the major Gann squares for resistance.

With a solid close below the short term swing point of 633.00 look for the long term swing point at 574.00, also in this area is 61.8% (583.00) back to the 1/25/21 low and a major Gann square at 568.00. IF, this area is taken out the bull run should be over for the time being.

You can get all the rules and guidelines to the Fibonacci retracements on our website.

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