Friday, December 28, 2007

Soybeans in consolidation, as expected

Soybeans are still in a consolidation following the parabolic rise in prices earlier this week. I am not trading this downtrend shown in the chart. It is very weak, and eventually, prices will reverse to the upside. This slow, gradual downtrend is too weak to last. Perhaps soybean prices will find support at the low that was struck at the beginning of the trading session, or at the closing price for yesterday's session ($12.31 4/8). Prices are still higher for the day, even with this downtrend as shown here.