Monday, December 3, 2012

Soybeans (ZS futures and SOYB) approach channel resistance

DEC03 1159EST. Soybean futures (ZS) and their corresponding exchange traded fund, the Teucrium Soybean Fund ETF (SOYB), are approaching resistance from well-defined three-month price channels, shown below in dashed red for both securities.

ZS. Aug 31, 2012 to present. Hourly candles.
SOYB. Aug 13, 2012 to present. Hourly candles.
NB: Ad Astra Hoya identified the November 16th low in both ZS futures and the SOYB ETF using these same price channels.