Daily Technical Analysis 8/28
Commodity Technical Analysis: In the Spotlight – SOYBEANS
The market is bullish, still within upside breakout action and alerting for pressing rallies to 1775. Trade that powers through the 1775 area could create additional blow off moves just shy of 1900. A roll off through 1691-1686 calls for a corrective turn that works down into the upper edges of previous congestion, but should try to hold near 1663. Only a close under 1633 1/2* highlights a significant peaking turnover back to lower levels.
The market continues to extend the breakout run up from congestion and holds a swing target to 169110* weekly resistance. Friday’s inside day keeps trade poised for rallies the next few days, but once rallies hit 169110*, be alert for a peaking setback and retracement of recent rallies with a drop back to 1640. A close under 1640 could add to retracements against 162540* support.