Soybean Complex: Kicking off the Week

September Soybeans

Tight 13 cent range established in the bean market today. Market sets low at 985.2 at the .618 retracement and prior iv wave low convergence level. A hold here will look to take out recent first wave's high at 999. First upside resistance level comes in at +/- 1010. A hold above 1013 sets up advance to 1.618 extension level and upper trend line convergence zone at +/- 1027. On the other side a slip below 984 looks to establish new recent low. Speed resistance line support comes in around 974. A violation extends to +/- 964.

Soybean Meal

Similar price action unfolds in the meal market. A hold of today's low looks to advance targeting +/- 332. A hold above 333.5 will set stage for further gains with initial target coming in at +/- 346. A slip beneath 322 will test save level at 320. A violation here unravels to +/- 311.

Soybean Oil

Oil contract will have to hold here to avoid further pressure. Save level st roughly 33.05. A violation here slides to 32.45-32.25. On the flip side a rise above 33.25 will reach for +/- 33.5. A hold above targets +/- 34.45.

John Lunney

Senior Technical Analyst

Walsh Trading

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