Soybeans

(ZSK24) 

May

The ONE44 Weekly Update for Soybeans is below.

The charts are key to this analysis!

The charts below show natural support and resistance levels based on W.D. Gann's Law of Vibration.
 

One of the two main ways we find support and resistance in the market is the Gann "Law of Vibration". The other is with Fibonacci retracements, that we believe are the underlying structure of ALL markets.

The two charts show the major Gann squares on a long and short term basis. Each level can be used as support and then resistance when taken out (swing point) and the next major Gann square becomes the target. 

All of these levels are static and we will be good until the end of the contract.

We like to combine these levels with the Fibonacci retracements using the ONE44 rules and guidelines.

We have done over 35 videos on how to apply the Fibonacci levels, this is our latest.

3/7/24

May

It held the 1140.75 major Gann square and closed above 1154.00 (61.8%) and we want to see a good close above 1165.00 (5 to 10 cents) to say this could be a longer term bottom (61.8% on the nearby chart). With no new low this week the levels above and below remain the same from last week.

Use 1140.75 as the swing point for the week again.

Above it, the short term target is 38.2% at 1241.00. Any rally that can't get back above 23.6% at 1200.00 keeps the trend extremely negative and new lows can quickly follow. When and if it can get back above 1165.00 (61.8% on a nearby chart), the long term target will be 61.8%, this is also a major Gann square.

Below it, the long term target is 78.6% on the long term chart at 991.00. Before then there are major Gann squares to look for support and then swing points if taken out at …..

ONE44 Analytics where the analysis is concise and to the point

Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.

If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member.

You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines.

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