Friday 18 February 2011

Soybeans (QBS #F)

Carrying on from the recent posts on the beans we are, in my opinion reaching a critical phase.
Price has found support on the blue thick UMLP after being pressured down by a RL from a large TF fork ( indicated as 'RL' in the E-signal charts) which it encountered at the confluence of the two UMLPs (sky blue and violet at 1455).
After a 50% RT it failed to touch the CL and reversed away and has now found support on another RL ( see the Metatrader March 11 charts below)






These RL's are all drawn automatically and show the major RL (arrowed) closer than in the E-signal charts (drawn by hand). A break below 1360 would be truly bearish but is suspect we will see price move in waves between these major lines before a break out. A failure at 1390-1400 ( on the RL) would push prices back to the support line at 1355

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