Mr_BidAsk
Long

Bullish beans pending breakout

CBOT:ZSX2017   SOYBEAN FUTURES (NOV 2017)
New crop beans are a little indecisive here at this point in time. But there are a few key indicators pointing to a movement upward.

1. Fundamental Analysis:
- China has been on holiday the last week. beans are cheap when comapred to rest of global market.
- China needs to buy beans for nov coverage.
-when they get back you will see big buying which will allow us to have good exports.

2. Technical Analysis:
- stoch looks promising
- big buying last couple days bringing increased momentum.
- bullish channel forming nicely after bounce from the support
-ascending triangle forming within the bullish channel

Look for a breakout through resistance of ascending triangle , then look for price to test upper side of bullish channel .

If price is held at ascending triangle resistance, look for move to lower side for another bounce off of support.
Comment: Price touched resistance and puled back for a test at the support. Big Government report out Thursday. I look for price to bounce off of support or break through it to the downside
Comment: Price bounced off of support on report day and tested the upper parallel of the bluish channel, resistance held and after today i look for the price to move lower on account of the trade realizing the bearish fundamental that the USDA projected.
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