Soybeans:
We are rolling over to the JAN17 contract.
Price advanced further during the past week and broke up through our pivotal resistance level. Stops were hit and short traders are now sidelined.
We now anticipate that price will probably trade further up during the coming 2 weeks or so to reach the 1070 zone (basis JAN17) from where it will probably still make one run down. Breaking further up and trading higher than 1070 will probably mean that a long term bottom has been put on the chart.
We are going to step back in order to have a distanced look at this market for some time.
We are rolling over to the JAN17 contract.
Price advanced further during the past week and broke up through our pivotal resistance level. Stops were hit and short traders are now sidelined.
We now anticipate that price will probably trade further up during the coming 2 weeks or so to reach the 1070 zone (basis JAN17) from where it will probably still make one run down. Breaking further up and trading higher than 1070 will probably mean that a long term bottom has been put on the chart.
We are going to step back in order to have a distanced look at this market for some time.