Soybeans Weekly continuous chart
Soybean – Weekly Cont: Soybeans struggled to get weekly closes inside the cloud and now working to break below the blue Tenkan line. A High to Low cycle needs to see a break above the trend line and above the 24% retracement to move out of bearish territory. The failure below 12.96 suggests we are not bullish. A weekly close below 12.30 targets the 11.81 lo. **Caution, many times a failure to move above the 24% target suggests a new low. 11.67, 11.52 and 11.37 would be targets below with 11.14 the primary target.
We need a weekly close above 12.30 and a recovery soon back into the cloud with price action above 12.96 to negate the bear.
We need a weekly close above 12.30 and a recovery soon back into the cloud with price action above 12.96 to negate the bear.
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