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TFC Commodity Trading Forum

Re: Beans *PIC*
In Response To: Re: Beans *PIC* ()

Unbelievable crazy chart...If this March Monthly chart closes high on the month it will make for 8 months of bullish months off the low.

What makes it even more crazy on this particular chart is that is still just a reaction off the low after declining since June 2016...almost a four year decline and it has done a counter trend reaction off the a low while not testing that same low...which would indicate that there might still be a test of that low. You won't see this on the front month, monthly chart...but what you will see is that the beans have been in a bullish trend for the past 18 months since the low back on May 2019.

Have to wonder here if there will be a correction off the weekly bearish reversal at 12.42'2...We are already trading over the bullish monthly reversal at 1208'6 so if it should close the month above 1208'6 we should keep heading up to the quarterly bullish reversal located at 13.60'4. I do have a few lines that might give it a tough time getting to that level.

With all this bullishness, I have to be thinking that there just might be a correction here located at the weekly bullish reversal at 12.42'2 so I will be looking for a failure at this line...if not we will go up if we close above on a weekly basis. If it should come down and close below a 23% correction off the high of this run, you may see new lows.