Key day for Soybeans
This will be the last update for the March contract and our first for the July contract.
Today's close will be important for the reasons listed below in each contract.
From last update,
This week, it also traded above the 1550.00 major Gann square and swing point for the week and closed below it and this can cause a quick setback. The market remains very strong, but is having trouble taking out last June's high at 1572.25. With it still making higher highs and higher lows, we think the setback can hold the area of the next major Gann square at 1499.75 and 23.6% back to the 7/22/22 low at 1495.00, provided this is all it sets back, look for a quick rally back to the highs and more.
It is safe to say that trading above and closing below the 1550.50 major Gann square did cause a quick setback and it is now at the target area of the 1449.75 major Gann square and 23.6% back to the 7/22/22 low at 1495.00.
As mentioned this market remains very strong and holding this area can send it right back to the highs and more. A failure to hold this area can send it down to the next major Gann square at 1457.00, this is also 38.2% back to the 7/22/22 low and our short term swing point.