Wednesday, January 23, 2008

Another Downward Break-Out


After a few temporary and weak attempts to provide price support and move prices up, soybeans prices have broken to the downside again.

This market today is beginning to feel to me to be somewhat oversold. The Klinger Volume indicator on the 3-minute chart is showing a bullish divergence (see the small second chart). Perhaps soon, the buyers will step in and drive prices back up. This just feels to me like we are soon to see a turning point, and prices will move up again.