Soybean Following Uptrend Bullish Butterfly

November Soybean is following an uptrend. Although today was bearish and probably the next two days next week, we should see another round of buying. Soybeans got hit on the USDA report so not too sure how high this will go. This may be a simple three drives pattern and double top rejection. R1 becomes resistance. Trendline becomes support. Next downside target is at pivot at 955'2, then trend. If trend broken and stays below trendline at the end of the day. S1 at 925'3 will be the next target. Bullish Butterfly is the pattern.

"With production looking a little bigger, futures should battle to hold Aug. 31 lows. The best chances for rallies in the short term come from weather in Brazil, where conditions are dry ahead of the start to planting Sept. 15. "
www.farmfutures.com/...-bryce-knorr-0-30780

Comment:

Soybean created a lower high today. Had been a tombstone at the end of market but came up a little after market. Expect further selling Tuesday, however big exports in the last few days may reverse beans. A large Target pivot at 955'3

Comment:

Soybeans using pivot as support at 955'3. We might see some sideways between pivot and R1

Comment:

Uptrend still supporting beans. R1 still resistance on the top end. There doesn't seem to be an interest in beans going up. Grains are holding in anticipation of Friday’s USDA quarterly stocks report. Tomorrow should bring direction.

Comment:

USDA report cut 2016 estimates which may support beans upward triangle. This makes me think of last years beans where it didn't do anything until the new year, then took off. We might see some upside to 1020.

Comment:

Soybeans broke trend and stayed below. Possible slide to S1. Need further confirmation.

Trade closed manually:

Beans continues to follow up trend. Moving onto February contract