PRB Technicals: Soybean Market (week ending 4.8.16)

Soybeans closed the week at 916’6 which was 1’6 lower then where they opened at 918’4. Soybeans traded in a 21’2 range with a high of 922’2 and a low of 901’1. The short term trend is at a cross roads with the action for the week. Soybeans violated the trend line on Tuesday, but closed within striking distance after an impressive trade on Friday. The intermediate term trend appears to be turning higher. MACD is negative, but the fast line has flattened out. Looking ahead support is at 911’1 (10 Day Moving Average) with resistance at 921’0 which is where the short term uptrend line was in the May Contract.

SK 4.8.16