1. In recent Williams edge live meetings the price level of $14.56 was noted as an important downside target in July soybeans that if touched and closed above on the day would indicate a tradable advance to $14.75 (initial exit), then $14.87/$88 (or higher).
2. Today’s July soybean market again retested the $14.56 level and will likely close above it.
3. Aggressive can buy July soybeans at the market. All others can place a buy stop/new long position at/near $14.60.
4. An initial protective sell stop should be placed at $14.57. This stop will be moved higher as the market continues to confirm.
1. Today’s July soybean market advanced to the forecast $14.75 initial upside target based upon today’s earlier indicated long entry at/near $14.65. Higher prices remain indicated as noted in the previous update, including a test/attempt at $14.87/$88 (or higher).
2. Our protective sell stop has been raised to $14.59. This stop will continue to be moved higher as the market continues to confirm.
1. Today’s July soybean market continued on the decline after yesterday’s completion of the forecast advance from $14.64 to $14.75 initial profit target.
2. Today’s decline triggered our recently adjusted $14.59 protective sell stop, resulting in a successful trade (today’s session low, $14.57, so far).
3. A daily close today above $14.56 is the stronger position and may prompt a secondary long entry. Will update as the market continues to confirm.