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South Central Iowa | Soybeans are trying to make a move. We'll see how it plays out. Need to stay above $10.32'4 by the end of the day. Let's Start a Run!
Fibs on Far Left are January move ($9.92'6-$10.80) and in the middle is Total move off low ($9.34-$10.80). That Sunday night gap is from $10.44'2-49'2 and the upper line of the hourly channel is $10.50'4 at close (we're probably not getting there, would be good to close back in the channel). Nearest Support below is at $10.18'4, the dotted line, and $10.17'0 the trend line. That smaller green arrow pointing up is for speed lines that I didn't include because they are even more cluttering, but if it breaks the $10.32'4-$10.33'4 area, wouldn't be surprised to see it try to hug that line.
EDIT: Forgot to mention! Soybean daily sale of 170,700 metric tons for 16/17 helped today, but it was breaking a wedge at 7:00 am, that announcement came between sessions. So hopefully a strong technical with fundamental support can lift us up higher. I think I read LongKC saying there was more rain in Brazil than expected or something too? May have been someone else?
Double Edit: I added the Fibs for our move from $10.80-$10.17. We are playing around the 24% right now.
Edited by Conan the Farmer 2/1/2017 09:59
 (Feb1SoyHourly.png)
 (CloserwithCandles.png)
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 Feb1SoyHourly.png (95KB - 95 downloads)
CloserwithCandles.png (88KB - 100 downloads)
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Soybean Hourly and Today's Move
