Soybeans Rally From September Low
Mike Macdonald | Dec 09, 2014 01:13AM ET
Soybeans have rallied strongly from the September 2014 low, with prices now pushing against levels from October 2014. Rising RSI readings anticipate a break, with further gains looked for into 2015Q1. Next significant resistance is at the 38.2% retracement of the 2013-2014 fall, which is approximately 6.5% above current levels, with potential for still further gains as the broad-based Agriculture sector shows signs of improvement. Support into limited setbacks is down to the November 2014 low, but this should underpin any setbacks, as investor sentiment improves.
Money managers can adopt an overweight allocation to Soybeans.
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