NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Mon Apr 7, 2014 08:24 AM CDT

One look at the weekly chart for the new-crop November soybean contract and a number of technical factors jump out at you. First, the contract itself is locked on tight to resistance near $12.10 3/4, a price that marks the 50% retracement level of the previous downtrend from $13.33 through the low of $10.88 1/4. This after posting a bullish outside week last week (the contract traded below the previous week's low, above the previous week's high, before posting a higher weekly close).

Meanwhile, weekly stochastics (bottom study) are showing the market to be overbought above the 80% mark and ...

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