Soybeans Trade Lower After a Bullish USDA Report
Soybeans
Technicals (August): Yesterday’s USDA report put some pep in soybeans step right out of the gat, launching prices all they way up to technical resistance near $16.00. This is obviously a psychologically significant level, but it also represents the 50 and 100 day moving average, along with the breakdown point from June 22nd. Despite the friendly report, the market couldn’t sustain the strength which led to long liquidation at the end of month/quarter. That failure has led to weakness in the overnight and early morning session. The market has retreaded back near our pivot pocket overnight, we’ve had that labeled in previous reports as 1533 ½. The Bulls need to defend this to prevent a further decline and retest of the June 24th lows, 1494 ¾. Below that is the 200-day moving average, 1456.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 1560-1566***, 1592-1597***
Pivot: 1533 ½
Support: 1494 ¾-1500****, 1456**
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Technicals (August): Yesterday’s USDA report put some pep in soybeans step right out of the gat, launching prices all they way up to technical resistance near $16.00. This is obviously a psychologically significant level, but it also represents the 50 and 100 day moving average, along with the breakdown point from June 22nd. Despite the friendly report, the market couldn’t sustain the strength which led to long liquidation at the end of month/quarter. That failure has led to weakness in the overnight and early morning session. The market has retreaded back near our pivot pocket overnight, we’ve had that labeled in previous reports as 1533 ½. The Bulls need to defend this to prevent a further decline and retest of the June 24th lows, 1494 ¾. Below that is the 200-day moving average, 1456.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 1560-1566***, 1592-1597***
Pivot: 1533 ½
Support: 1494 ¾-1500****, 1456**
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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