Soybeans Support

Except for a Christmas bounce, it’s been all downhill in soybeans lately.  Fortunately, things could be looking up very soon.

There’s HVA support (high-volume area support) at 988 – 997’4.  As you can see in the chart, the touch to the upper boundary of this HVA support zone sparked the Christmas bounce.  This same support zone is now being re-visited.

While this support zone remains intact, the soybean market remains in a position where we could see bulls step in and take advantage of a near-term buying opportunity.

On a rally, the resistance zone that begins at 1033’2 would mark the upside target for such a trade.

20170104 ZS