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Soybeans have had a great rally from the December 2024 low.
Soybean Futures Nearby Futures Contract Weekly Chart
However, for the past three months, sellers have stepped in at the 200-week moving average has brought in sellers
Meanwhile, the price has found support at the rising 50-week MA.
The price appears poised to consolidate and be squeezed between these MAs before a breakout or breakdown.
The colored bands represent the Fibonacci Retracement levels from the 2022 high and the 2024 low.
Now that the 23.6% retracement level has been broken, we anticipate a test of the 38.2% at 1257.
Notice how the 38.2% lines up with previous support and resistance.
Interesting.
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Trent Klarenbach
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Nothing written, expressed, or implied here should be considered investment advice or an admonition to buy, sell, or trade any security or financial instrument. As always, do your own due diligence.
