The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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July Soybean Futures: This is no English Fairy tale that I’m referring to but rather a description of my recently published opinions concerning the upcoming price path of the soybean futures. Earlier I had posted comments calling for a hard bounce off the next low. I had targeted that level to be roughly 1040. The futures, however , failed to respect it and slipped below the cross zone support following through to 1030.5 at the 100 day moving average. This level converged with the lower end of the daily cloud support. From here the contract rebounded, at first rather sluggishly, before sprouting 17 and a half cents higher in the week’s final session. Friday’s close was 1056.6 , just below the upper cloud extreme and impressively above the rising cross level at /-1044. As I have written before I still contend that there is further upside potential. Holding above /-1050 should have the market eyeing the next overhead cross level of /-1072. I’d expect a reaction here. My longer term objective, looking out into Mid-May, comes in at roughly 1100.
My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation. Please feel free to contact me at Walsh Trading to discuss my insights into this or any market of your interest. Next Wednesday I have scheduled my 12th webinar. During this I will be applying my analytical approach to this and other future markets.
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