MARKETS NEWS
Darin Newsom DTN Senior Analyst
Wed Jul 3, 2013 08:12 AM CDT

Nov Beans Show Signs of Bullish Turn

The November soybean contract appears to be in the process of a bullish turn, one day after testing longer-term technical price support between $12.42 1/2 and $12.35 1/4. These prices mark the 61.8% (Fibonacci) and 67% (Dow) retracement levels of the previous uptrend from $11.86 1/2 (April 24, 2013) through the high of $13.33 (June 7, 2013).

This past Tuesday's low of $12.35 was followed by a modest rally into the close with the contract settling at $12.42 1/2. Daily stochastics (middle study) remained well below the oversold level of 20% with the ...

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