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Whats got the bean market excited in the overnights?
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maydel
Posted 12/3/2012 11:23 (#2730469 - in reply to #2729460)
Subject: okay maybe a chart or two


Theodore, Saskatchewan
Jpartner I was thinking about going over some charts with you because it has been a while! Must be like blu and just getting into the eggnog early...... I have to post a little fundamental news now and again. even if the market move came before the news did! lol

Well nothing goes in a straight line and so would be a lot to expect beans to keep going straight down even after we missed the last leg! I like agtraders call at 1461 in the beans and looks like the games are being played again.

I have charts on my other program that I can post later but there is a nice fork on the zsf13 60 min that has been reading the uptrend. Small fork broke down out the bottom after hitting the top and I was not too worried last Friday as I figured it would find some support just under the ml. (I have been caught before on beans when it drops just under the ml and reverses) So it looks like we have a bit of a phase shift here now and will need some close monitoring, perhaps just some sideways action to build energy. After all a $2 drop followed by a $0.90 bounce we could use a little rest. 1450 seems to be support.

On the daily there is the target around 1500. I believe frytown was looking at something similar. Lower lows and lower highs would project this. I think there will need some energy building here into the new year before we can see the next break lower to 1200 if it is headed that way?????

Check out the soybean oil chart, nice turn there and interesting how a week after the bottom the news said china bought soybean oil!



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