12-11 12:59: Soybeans Retreat in Consolidative Trade -- Technical Analysis By Kira Brecht JANUARY SOYBEANS 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 short-term. $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 SOYBEAN MEAL 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 SOYBEAN OIL 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.
hedge project - blog
Soybeans Retreat in Consolidative Trade -- Technical Analysis Tuesday 12/11/2018 09:13:00 AM CST