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Buxton ND | Been thinking 1234,over $1 rally in 6 day,blow away all the MA on X within 4 days,had the short covering rally part already which has lead to new buying. Sounds pretty bullish ! ! !
BUT
We're right on TL resistance,12.90ish isn't 2 far away.
OI has been rising,its not just new buying that makes it do that,,,and just have a feeling the SA boy's ARE pulling the trigger at still high prices. Yes I DID say high prices,,,,,,,,,their not selling their beans in Dollar and IMO they WILL plant more acres as traders are dangle the carrot in front of their face with a $1 rally.I find it highly UN-likely acres will drop in SA on beans OR corn.
Last years rally/this years rally = carbon copy except for the speed of it...
The "REAL" deal is not just a short term trend and puts the American Producer at a dis-advantage....... So one can get as bullish as you wish/want/need but when you look at a REAL sure keeps your feet on the ground.....Now I'm sure I'll get some whining and rude comments about this post,,,your time would be better spent pulling up a REAL charts and comparing it to last October as China canceled PILESSSSS beans which sent our market into a tail spin which it has yet to recover..............yes I did say that ! ! ! | |
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November Soybeans Chart - Bullish or Bearish?
