MARKETS NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Tue Dec 3, 2013 08:43 AM CST

While the major (long-term) and secondary (intermediate-term) trends in soybeans remain up on the monthly and weekly charts respectively, the daily chart for the January contract is showing the minor (short-term) trend has turned down. This isn't an overly surprising development, given recent market signals.

First, the contract was testing technical resistance between $13.26 1/2 and $13.45 1/4, prices that mark the 50% and 61.8% retracement levels of the previous downtrend from $14.06 (high from August 27, 2013) through the low of $12.47 (November 5, 2013). At the same time, daily stochastics (bottom study) crept back above the overbought level ...

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