3 min read

Soybeans/Soybean Oil and 78.6%

Soybeans/Soybean Oil and 78.6%
Photo by Kelly Sikkema / Unsplash

Soybeans
From last Friday,

Overall this market remains in a very positive position by being above the long term swing point (1303.00) and it is building a very big base for the next run up (in our opinion). As you have seen since July this market is in a big trading range that has been doing a lot of 61.8% to 61.8% moves and 78.6% to 78.6% and we can see the wide sweeping moves continuing for the next month.


The January contract hit the first target of 1455.00 and we are still looking for the next major Gann square above at 1500.50 on the rally from the previous one at 1412.25, however with the quote above we have to watch 78.6% at 1480.50 to see if this market is going to continue with its wide swings between the 78.6% levels. In the March contract it hit 78.6% at 1480.00, this was our longer term target.

From last Friday,

Use 1412.00 as the swing point for the week.
Above it, short term using the major Gann squares look for 1457.00 again. Longer term using retracements, it traded so much up at 1457.00, it is more likely to to 78.6% at 1480.00.

This post is for paying subscribers only