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. "