Soybeans

ZSF21

The Beans remain extremely positive as long as they stay above the long term swing point at 1020.00, this area has a major Gann square and is 23.6% of the current rally. The target is still 1170.00, this is 38.2% back to the all-time high and a major Gann square. We continue to believe  that this will be a multi year rally and 1170.00 will be the first major test of just how strong this market is. A reaction from this level could last for a few months and retrace as much as 38.2% of the rally. Currently 38.2% of the rally is 972.00 which is also a major Gann square and it is this level that would have to be taken out to turn the trend negative.