Daily Technical Analysis 8/27
Commodity Technical Analysis: In the Spotlight – SOYBEANS
The market is bullish, signaling an upside breakout and alerting for pressing rallies to 1775. Trade that powers through the 1775 area could create additional blow off moves just shy of 1900. Thursday’s corrective dip hints for defensive action that works down into the upper edges of previous congestion, but should try to hold near 1663. Only a close under 1627 1/2* highlights a significant peaking turnover back to lower levels.
The market is bullish, but rallies are being blunted by the retracement target / resistance level at 9784*. A close over 9784* or pop over yesterday’s high is bullish and should add rallies to 9950+. Yesterday’s reversal setback cautions for a peaking turn and we should be alert for corrective dips into next week. Corrections that hold off 9441+ will maintain bull forces and bull flag. A close under 9441 warns for a corrective setback to 9139*.