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South Central Iowa | I agree somewhat, assuming no facetiousness on your part.
In an uptrending market, it is good to buy the dips. We definitely have an uptrending market; that has been confirmed since October/November depending on how you want to count. We currently have a higher low on the last swing, $10.17 vs $9.92'6, and the prior high swings as well, $10.80 vs $10.65 (or $10.74 on contract month). So is $10.63'4 the failure of an attempt to break $10.80? Maybe, but it sure didn't try very hard. I would like to see more effort which means more volume and volatility. But the market doesn't care what I like or want, so maybe that is all it had. The sellers are weak though and the volume is light tonight, so I don't put much stock in it unless it breaks a something crucial; which it hasn't yet. We are still in an uptrending pattern on the hourly chart and as of now, I can't rotate any thing to give me a downward trajectory yet. But it is getting closer and the thing needs to go up if its going to.
Points to break are at the current hour and at close of trade tomorrow.
 (Feb13SoyChart.png)
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 Feb13SoyChart.png (94KB - 44 downloads)
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What are beans doing?
