Bullish beans pending breakout New crop beans are a little indecisive here at this point in time. But there are a few key indicators pointing to a movement upward.
1. Fundamental Analysis:
- China has been on holiday the last week. beans are cheap when comapred to rest of global market.
- China needs to buy beans for nov coverage.
-when they get back you will see big buying which will allow us to have good exports.
2. Technical Analysis:
- stoch looks promising
- big buying last couple days bringing increased momentum.
- bullish channel forming nicely after bounce from the support
-ascending triangle forming within the bullish channel
Look for a breakout through resistance of ascending triangle, then look for price to test upper side of bullish channel.
If price is held at ascending triangle resistance, look for move to lower side for another bounce off of support.
