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12-11 12:59: Soybeans Retreat in Consolidative Trade -- Technical

By Kira Brecht 

  January soybeans weakened Monday, forming a consolidative inside day
session. Since Dec. 3, January beans traded in a tight range between gap
support at $8.97-$8.96 1/2 and resistance at last week's high at $9.23 3/4. The
multi-month daily soybean trend off the mid-September low at $8.26 1/4 remains
positive. But, the burden lies on the bean bulls to kick start fresh upside
momentum with a push through the $9.23 3/4 ceiling. Just beyond there, the July
peak at $9.32 3/4 is a significant technical target. Daily momentum is
weakening, with the 14-day relative strength index pointing lower at 60% on
Monday. The market is vulnerable to slippage toward gap support in the very

$10.63 1/4 -- the contract high 
 $9.01 1/4 -- the 10-day moving average 
 $8.91     -- the 20-day moving average 
 $8.83     -- the 40-day moving average 
 $9.38 1/2 -- the 200-day moving average 
 $8.26 1/4 -- the contract low 

  January soymeal trickled lower Monday in narrow trade. The short-term
soymeal trend is weakening, with resistance seen at the recent high at $319.10,
scored on Dec. 3. The soymeal contract is testing 20-day moving average
support, which roughly corresponds to minor chart support at $309.20, the Dec.
6 low. Declines below that area this week would increase bearish confidence.
Bigger picture, since late August, the January soymeal trend has turned neutral
within a large range bordered by major support at $303.10-$302.90 and major
resistance at $328.50, the October high. 

$387.40 -- the contract high 
$311.50 -- the 10-day moving average 
$309.80 -- the 20-day moving average 
$311.50 -- the 40-day moving average 
$337.50 -- the 200-day moving average 
$302.00 -- the contract low 

  January soy oil eked out a marginal gain Monday after consolidative inside
day trade. The market is digesting the recent gains. The near-term soy-oil
trend remains positive, but a short-term top and resistance could be forming at
28.99 cents, the Dec. 5 peak. On the upside, a rally above 28.99 cents, would
open the door to a potential test of 30.11 cents, the Oct. 16 high and then
30.25 cents, the Oct. 4 high. On the downside, gap support comes in at
23.23-28.12 cents. Short-term sideways action would not be a surprise following
the recent strong gains off the 27.18 cent low from Nov. 26. 

35.93 -- the contract high 
28.36 -- the 10-day moving average 
28.03 -- the 20-day moving average 
28.39 -- the 40-day moving average 
30.22 -- the 200-day moving average 
27.18 -- the contract low 
  (END) Dow Jones Newswires

  December 11, 2018 08:00 ET (13:00 GMT)
  Copyright (c) 2018 Dow Jones & Company, Inc.

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