Soybean update

ZSF21

Soybeans have spent two weeks above the long term swing point of 1170.00 and gone nowhere. This is not a good sign considering how important 1170.00 is.  This is 38.2% back to the all-time high. With another close below 1170.00 and ideally below the 1160.00 major Gann square, the target will be 1040.00 this is 38.2% back to the 5/13/19 low, There is also a major Gann square at 1030.00. Any break below 1170.00 that can only get back to 1100.00 would be a very positive sign, this is 23.6% back to the 5/13/19 low. Provided they can stay above 1170.00 the long term target remains at 1410.00, before then look for resistance at each of the major Gann squares above at 1225.00, 1290.00 and 1360.00. Each of these can be used as the swing point, once they get a close above them.