The December soybean meal has mustered a brief respite from the selling pressure that has dominated the week, finding a measure of support along the lower Bollinger Band. The market has been consolidating around the 303.0 level, unwilling or unable to challenge the upside resistance hovering in the 306-307 range. The stalling of the selloff has curtailed the bearish bias of the regularly consulted technical indicators, though each still possesses a valuation hinting towards continued price weakness. The Commodity Channel Index (CCI) has erased 1/3 of its negative rating while still firmly within bearish territory while the Relative Strength Index (RSI) has turned upwards, sitting within the midpoint of the week's tight value range. The Stochastic Oscillator working higher, pulling out of the oversold range, yet still reads heavily bearish. Look for the December soybean meal to test support near the 300.0 mark before falling to the 295.0 level. Upside resistance should appear near the 306-307 area, then again near 311.
Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.