Soybeans

Nearby Contract

(ZSF24) 
The chart below is key to this analysis.

The short of it,

Use 1257.00 as the swing point for the week.

Above it, the long term target is 61.8% the other way at 1370.00 per the ONE44 61.8% rule.

Below it, look for 78.6% of the 5/31/23 low and 7/24/23 high at 1207.00.

And here is why,

The break after failing to turn higher from 78.6% at 1295.00 has now hit 61.8% of the 5/31/23 low and 7/24/23 high at 1257.00, actually it closed below it on Friday and Mondays action will be key to the direction for the rest of the week.

Going back to the 1295.00 78.6% level, it did get an initial rally from it, however it could only get to 38.2% of the break at 1335.00 telling us the short term trend is still down.

Provided it can get right back above 1257.00 and even better would be back above the 1266.25 major Gann square the target is 61.8% the other way at 1370.00. With another close below 1257.00 look for 78.6% of the 5/31/23 low and 7/24/23 high at 1207.00. There is one other major Gann square to watch for support at 1227.00.

We went over this and more in Lean Hogs, Crude oil and ADM in our latest video on how to use the Fibonacci retracements with the ONE44 rules and guidelines. 

YOU CAN FIND IT HERE

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