27 Period RSI Reaches 77 For May Soybeans
Feb 29, 2012
Here about an hour into the day session we are looking at a mix trade across the grains. Corn is down 2 3/4, soybeans up 2 3/4, and when down 6 in KC and 5 in Chicago.
Soybeans have been leading the charge higher in recent weeks, and looking at the 27 period RSI on the May contract it has reached 77 today. Technicians look at 70 being oversold territory, so there have to be a lot of spec traders out there looking for a correction to the recent trend. China was back in the old crop soybean market this morning, purchasing 175,000 tonnes soybeans for 2011/2012 delivery.
Outside markets look relatively calm today, and from the screen capture below you can see that both oil and gold are selling off slightly for March delivery. If you want to get these markets live in your home today, take a demo of the Firetip trading platform!
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