Key Reversal Appears On Soybean Charts

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The bullish divergence that began appearing a couple of weeks ago has yet to form a meaningful move higher. Technically this market remains in an oversold but negative mode. However, the new low formed on Friday combined with a bullish "key reversal" is just more fuel for the fire for an upside move. A price close above the January high of 9.77 will push values up into the 9.83-9.85 area. Additional resistance will be found at retracements of 9.95 and 10.07. Downside support below the past week's low of 9.44 is the August low of 9.37.