Soybeans are approaching one of the more important technical levels on the weekly chart.
After the prolonged bear market, price appears to have developed a broad multi-year rounding base around the 950–1,050 region. The recovery has since produced higher lows and improving momentum.
More importantly, the recent structure resembles a smaller cup-and-handle / rounded continuation pattern immediately underneath the 1,247–1,250 resistance zone.
Technical setup:
Long-term basing structure appears increasingly mature.
Higher-low sequence developing.
1,247–1,250 remains the major breakout level.
Volume participation has improved during the recovery.
A decisive weekly close above 1,250 would materially strengthen the bullish structure.
Until then, this remains a setup approaching breakout — not a confirmed breakout.
view: I am watching 1,247–1,250 closely. A clean breakout followed by acceptance/retest would offer better confirmation than anticipating the move below resistance.
After the prolonged bear market, price appears to have developed a broad multi-year rounding base around the 950–1,050 region. The recovery has since produced higher lows and improving momentum.
More importantly, the recent structure resembles a smaller cup-and-handle / rounded continuation pattern immediately underneath the 1,247–1,250 resistance zone.
Technical setup:
Long-term basing structure appears increasingly mature.
Higher-low sequence developing.
1,247–1,250 remains the major breakout level.
Volume participation has improved during the recovery.
A decisive weekly close above 1,250 would materially strengthen the bullish structure.
Until then, this remains a setup approaching breakout — not a confirmed breakout.
view: I am watching 1,247–1,250 closely. A clean breakout followed by acceptance/retest would offer better confirmation than anticipating the move below resistance.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.