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Central Missouri | Chartwise bean prices are in limbo. Macd crossed lower a cupla days ago. Why couldn't the market make new highs with the Chinese buying of the last cupla months. Could it be that the crop is bigger than expected and SA has a huge crop. Remember seasonal lows are in feb/mar. I sold cash beans Fri and will reown on a macd cross higher. Would like to see a pullback into seasonal lows just so as to reduce the risk of long futures.
http://www.agrichartsmobile.com/markets/chart.php?page=ccharts&sym=...
I suspect that the 9.85 last chart low is important and if the bears get ahold of this market that low will be taken out. I suspect that if that low is taken out that support will come in at the 950 area because of the trendline drawn off of the harvest low. I'm not sayin beans are goin lower I'm just giving my thoughts on what the charts are telling me. The reaction to the report will tell the story. | |
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Bean MACD
