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SW MN and Gold Canyon AZ | Nov beans are trading @ $12.28. High was approx 13.00 ,low yesterday was 11.60 $1.40 difference. 50% retracement is $12.30 we are almost @ the 50% area------62.5% retracement is $12.47. Thinking if we take out the 12.47 we go back to the old highs?? Sell something at the double top.If we bounce hard off the 50% or 62.5 % we go down.
I will chance buying nov puts to cover some new crop sales @ the 62.5% level. More at the old highs @13$. If we go thru there buy some bull call spreads leave the puts on.
If we take out yesterdays lows lookout in my opinion buy more puts.I am leaving cash sales out of it at this time cause basis is just to dam wide.
What ya think SC??
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A Review of the Charts
