DJ Technical Analysis: US Soy Complex Futures - Aug 15 15.08.2011

DOW JONES NEWSWIRES

NOVEMBER SOYBEANS

November soybeans on Friday closed slightly higher and near mid-range. Bulls gained some fresh upside momentum late last week.

Soybean bulls have the overall near-term technical advantage as prices have rebounded from the lower boundary of a wide trading range at higher price levels. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing November prices above major psychological resistance at $14.00 a bushel.

The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week's low of $12.82.

First resistance is seen at Friday's high of $13.43 3/4 and then at $13.50. First support is seen at Friday's low of $13.26 and then at $13.20.

$15.38 ------- the contract high

$13.37 1/2 --- 10-day moving average

$13.58 3/4 --- 20-day moving average

$13.47 1/4 --- 40-day moving average

$ 8.19 3/4 --- the contract low

DECEMBER SOYBEAN MEAL

December soybean meal on Friday closed weaker and near the session low. The bulls still have the overall near-term technical advantage and regained some upside momentum late last week.

The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the contract high of $371.50.

The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week's low of $341.30.

First resistance comes in at Friday's high of $356.20 and then at $360.00. First support is seen at $350.00 and then at $347.50.

$370.90 --- contract high

$353.70 --- 10-day moving average

$359.50 --- 20-day moving average

$352.80 --- 40-day moving average

$247.00 --- the contract low

DECEMBER SOYBEAN OIL

December bean oil on Friday closed slightly higher and nearer the session low. Bears still have the slight near-term technical advantage. Prices are in a choppy four-month-old downtrend on the daily bar chart.

The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 56.00 cents.

Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 52.00 cents.

First resistance is seen at 55.00 cents and then at last week's high of 55.43 cents. First support is seen at Friday's low of 54.41 cents and then at 54.00 cents.

61.45 --- the contract high

55.42 --- 10-day moving average

56.34 --- 20-day moving average

56.73 --- 40-day moving average

38.49 --- the contract low