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Central Missouri | This is how I see things today on beans. As always this is short term analysis. Use the info just fyi.
A close over the high of 10.78 would indicate that hings have changed fundamentally. There are 3 things in my opinion that would make that change 1. bad S.A. weather 2. Lower dollar 3. Chinese continued buyingn from U.S. at the expense of S.A.
I have to assume that beans are headed lower because the macd has rolled lower. A close below 10.31 will confirm that for me and you can even make a h&s high out of the last 3 weeks trade which would initially project down to 9.85.
Here is the Jan bean chart http://www.agrichartsmobile.com/markets/chart.php?ab=quotescharts&p...(direct)|utmccn=(direct)|utmcmd=(none)&__utmb=223457291.33.10.1260285873&__utmc=223457291&PHPSESSID=oaegkj57qf9vuh1h7bk8hd9d71&studies=VOLI;MACD;&density=X
The primary uptrend is drawn off of the Mar and Oct lows. I don't think we will break that but it could lend support if we have a seasonal low in Feb/Mar which is possible if there is a big south Amer crop which looks likely so far.
The secondary uptrend is drawn off of the oct and nov lows and comes in at somewhere close to 10.10 today. A break of that portends to lower prices absent of weather problems in S.A.
Here is a less condensed version of the same chart. Left shoulder on Nov 23, head on Dec1, Right shoulder yesterday. This pattern will be confirmed with a close below 10.30.
http://www.agrichartsmobile.com/markets/chart.php?ab=quotescharts&p...(direct)|utmccn=(direct)|utmcmd=(none)&__utmb=223457291.51.10.1260285873&__utmc=223457291&PHPSESSID=oaegkj57qf9vuh1h7bk8hd9d71&studies=VOLI;RSI;
I like to hear other thoughts asI don't catch everyting I should. This is just my take today and the close may negate all I've just said but as of now things look lower.
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Tech update Beans
