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Standard Grain

RSS By: Joe Vaclavik

Joseph Vaclavik is the president at Standard Grain in Chicago. Standard Grain provides futures and options brokerage to farms, feedlots, elevators, processors, end-users and traders. Visit www.standardgrain.com for more information.

 

Resistance Levels for November Soybeans

Oct 24, 2012

Nearby soybean contracts saw a major correction that spanned about a month and a half.  The November contract corrected more than $3.00 per bushel before beginning a rebound last week.  A simple Fibonacci Retracement along with a few key moving averages provides us with a few possible upside objectives.
 
1)     $15.63: (100 Day Moving Average)
2)      $16.01: (38% retracement from September high to recent low)
3)      $16.35: (50 Day Moving Average)
4)      $16.37: (50% retracement from September high to recent low)
5)      $16.74: (62% retracement from September high to recent low)
 

ZSX12 ~ Daily 10232012 024411pm

 

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