Soybeans
Fundamentals: This morning’s weekly export sales report showed net sales of 111,600 MT for 2021/2022--a marketing-year low--were down 60 percent from the previous week and 77 percent from the prior 4-week average. Net sales of 284,000 MT for 2022/2023.
Technicals: Soybeans have been all over the map in the list five sessions, averaging a daily range of 52 cents. Yesterday’s move out above our pivot pocket from 1695 ½-1700 opened to door for an extension to our next resistance pocket, 1734-1741 (yesterday’s high was 1740 ¾). The very recent trend has been a day of “consolidation” after a big move (like we saw yesterday). From a risk/reward perspective, we don’t mind leaning on the short side so long as resistance is defended ahead of the weekend.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1734-1741***, 1750**
Pivot: 1695 ½-1700
Support: 1673-1679 ½***, 1665 ½-1673 ¾****, 1605**
Fundamentals: This morning’s weekly export sales report showed net sales of 111,600 MT for 2021/2022--a marketing-year low--were down 60 percent from the previous week and 77 percent from the prior 4-week average. Net sales of 284,000 MT for 2022/2023.
Technicals: Soybeans have been all over the map in the list five sessions, averaging a daily range of 52 cents. Yesterday’s move out above our pivot pocket from 1695 ½-1700 opened to door for an extension to our next resistance pocket, 1734-1741 (yesterday’s high was 1740 ¾). The very recent trend has been a day of “consolidation” after a big move (like we saw yesterday). From a risk/reward perspective, we don’t mind leaning on the short side so long as resistance is defended ahead of the weekend.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1734-1741***, 1750**
Pivot: 1695 ½-1700
Support: 1673-1679 ½***, 1665 ½-1673 ¾****, 1605**
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.