Soybeans Update

Soybeans

The Soybeans based on the nearby chart continue to rally from the 78.6% retracement on 4/22/20 at 815.00 and have now had a couple closes above the 200 day moving average. The first target based on the 78.6% rule is 920.00, this is 78.6% back to the 945.25 high (this level was 38.2% back to the 2016 high). The second target once they clear 945.00 based on the 38.2% rule is 1045.00, this is 61.8% back to the 2016 high. You can now use the 200 day average at 886.00 as the long term swing point, with a solid close back below it, look for 834.00. For the November contract use 903.00 as the swing point, above it look for 925.00 and 950.00, back below it 892.00 and 881.00.