We will now be moving into the August Soybean contract and September Meal, Oil, Corn and Wheat.
July Soybean Meal had a $40 rally after holding 38.2% at 423.00 and it hit our long term target of 465.00, as posted on our Trend Table. We will now update the key levels in the July and Sept contracts.
To start next week use the 434.40 major Gann square as a swing point. Above it look for the next major Gann square at 459.10, two other levels to watch for resistance are 450.00 (61.8%) and 465.00 (78.6%). Back below 434.40 look for the previous Gann square and long term swing point at 411.00. Any break below 434.40 that holds 38.2% at 423.00 is a very positive sign and you can look for new highs for this leg up.
Thursday's low held 423.00 keeping all three trends positive, however it failed to close above the 434.40 major Gann square. Continue to use 434.40 as a swing point for next week. Above it they should go for 451.00 to start. Below it look for 78.6% of the same move at 405.00 provided they can take out the short term swing point at 423.00. Below 405.00 the downside target is 61.8% of the contract high and low at 365.00.
Being a weekly update we give key levels and scenarios to look for, this one was key,
Any break below 434.40 that holds 38.2% at 423.00 is a very positive sign and you can look for new highs for this leg up.
This will be the last posting for the July Law of Vibration charts. We will continue to monitor the July contract on the Nearby chart and alert you to any key levels they may reach until expiration.