January Soybeans traded higher after testing support at the 20- day EMA on the December 13th reversal date. The market surged off support and traded above the prior swing high as it formed a wide range momentum bar. However, the market stalled and has been trading sideways to lower over the past three days. Is the market forming a new bullish reaction swing that could propel it to a new high or did the market use all its momentum on the reversal bar? We will know the answer very soon. A trade above the new pivot high ($13.24 3/4) should trigger a new price advance toward the median line. On the other hand, a failure at this juncture would trigger a sharp decline. I will keep you updated in the TMV Swing Trading Report.
