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Starbuck Manitoba Canada | I look at the weekly chart and beans went from 10.94 to 15.09, a possible bull flag then a gap above the top of the flag pole at 15.17. This would project to 19.24. 15.09-10.94=4.15, 4.15+15.09= 19.24. The bottom of the flag pole at 10.94 was also the bottom support of the major trend line since the run began in 07. I also found it interesting that if you look at the monthly chart the support at 10.94 is eerily close to what was a top in the 1988 beans of 10.99. Major resistance becomes major support. This is also found in the corn charts. The all time high in corn was 5.54 in 1996 and the recent support for this giant move was 5.51, just an observation but interesting. Maybe it is telling us something, as too new all time highs. | |
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Nov soybeans measuring gap
