Commodity, Futures, Forex and Everything in Between

Retracement Levels in May Beans

Note that 50% of the way back in May beans is 596.25 (1/2 of 691.5 - 501). This run took 27 days so, 1/2 of that move is approx 13-14 days. This occurs on 4-5 or 4-6-05 . In other words, price and time square on Tues, Wed this week at 596.25. Also, the anniverary high of last year's beans was on 4-05-04.
The bottom line is, expect a test of 596.25 by Wed in May Beans.

YOU MUST ALWAYS BE AWARE THAT THERE IS SIGNIFICANT RISK INVOLVED IN TRADING FUTURES AND/OR OPTIONS ON FUTURES AND ARE NOT SUITABLE FOR ALL INVESTORS.

posted by Tom Hall @ 10:20 AM