Key levels for Soybeans and Corn
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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.
You can get all the rules and guidelines to the Fibonacci retracements on our website.
This is an update to the post on June 6th.
The key level that Soybeans have to contend with is 1636.00, this is 78.6% of the 1677.25 high and 1489.25 low. This is where a lot of bull runs end. The high on the 7th got close at 1623.50 and a 70 cent break followed. On any surprises to the upside continue to look at 1636.00. On the downside look for the 1512.00 major Gann square and then 23.6% at 1467.50.
The Corn also has a 78.6% retracement to deal with, it is 709.00. The high on June 7th came within 3 cents of it. It remains the key level to watch for today, if the can get a solid close above it look for the long term target of 840.00. A failure from 709.00 can send it all the way back to our long term swing point of 575.00, this is 38.2% back to the 2020 low.
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