Soybeans Update

Readers remember last week’s Short NOV Soybean Idea:

From Last week:

That idea worked out well, as the chart below demonstrates.

Buyers stepped in at the confluence of the June 2021 high and the Golden Zone of the .618 and .650 Fibonacci levels.

The 200-Day Moving Average (DMA) is acting as resistance during today’s session.

I can see Beans moving back to the 1418 level; however, I need the price above the 200-DMA before having a solid conviction.