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January Soybean Futures Poised To Continue Uptrend


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January futures methodical ascending channel uptrend is poised to continue with Friday's activity posting a "CPR" closing price reversal higher. Incidentally this bounce off the week's low occurred exactly on the 40 DMA and the trendline support line. The 40 DMA has been an important support level the past several weeks as futures continually bounce off this support line.Initial resistance to the upside begins at the past week's high of 9.93 followed by a reaction point at 10.04. Secondary resistance is the October high of 10.13 followed by trendline resistance at 10.24. A triple line of support is found at 9.81 followed by the October 12th reaction point low of 9.69. Additional support is found at 9.40 and the August low of 9.29. Selling objectives should be considered if values approach 10.20.



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Steve Fast is the owner and technical analyst of Commodity Concepts LLC based in Ohio. It is a futures chart based grain advisory service which utilizes professional trader techniques to assist in the decision making process. Clients normally utilizing this expertise are farmers, futures brokers, and grain buyers. He has been involved in the grain industry for over 36 years. Thirty-four of those years were in grain elevator management, merchandising and origination.  He began both the farmer advisory service and farming part-time in 2000. In 2015 he transitioned into full time grain farming as well as broadening the scope of the advisory service. More information can be obtained by logging onto www.commodityconceptsllc.com

 

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