𝐂𝐁𝐎𝐓 𝐒𝐨𝐲𝐛𝐞𝐚𝐧𝐬 (𝐍𝐨𝐯 𝟐𝟎𝟐𝟒) 𝐏𝐥𝐮𝐦𝐦𝐞𝐭 𝐭𝐨 𝐅𝐨𝐮𝐫-𝐘𝐞𝐚𝐫 𝐋𝐨𝐰 𝐀𝐦𝐢𝐝 𝐁𝐞𝐚𝐫𝐢𝐬𝐡 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐎𝐮𝐭𝐥𝐨𝐨𝐤

💹💹💹𝐓𝐡𝐞 𝐂𝐡𝐢𝐜𝐚𝐠𝐨 𝐁𝐨𝐚𝐫𝐝 𝐨𝐟 𝐓𝐫𝐚𝐝𝐞 (𝐂𝐁𝐎𝐓) 𝐬𝐨𝐲𝐛𝐞𝐚𝐧𝐬 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝐜𝐨𝐧𝐭𝐫𝐚𝐜𝐭 𝐟𝐞𝐥𝐥 𝐭𝐨 𝐥𝐨𝐰𝐞𝐬𝐭 𝐥𝐞𝐯𝐞𝐥 𝐢𝐧 𝐧𝐞𝐚𝐫𝐥𝐲 𝐟𝐨𝐮𝐫 𝐲𝐞𝐚𝐫 𝐨𝐧 𝐬𝐭𝐫𝐨𝐧𝐠 𝐔𝐒 𝐜𝐫𝐨𝐩 𝐩𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐬 𝐚𝐧𝐝 𝐰𝐨𝐫𝐫𝐢𝐞𝐬 𝐚𝐛𝐨𝐮𝐭 𝐝𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐨𝐢𝐥𝐬𝐞𝐞𝐝. 𝐎𝐧 𝐭𝐡𝐞 𝐭𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐟𝐫𝐨𝐧𝐭, 𝐂𝐁𝐎𝐓 𝐬𝐨𝐲𝐛𝐞𝐚𝐧 𝐟𝐮𝐭𝐮𝐫𝐞𝐬 (𝐍𝐨𝐯 𝟐𝟎𝟐𝟒) 𝐬𝐞𝐞𝐦 𝐭𝐨 𝐛𝐞 𝐢𝐧 𝐚𝐧 𝐛𝐞𝐚𝐫𝐢𝐬𝐡 𝐭𝐫𝐞𝐧𝐝, 𝐰𝐢𝐭𝐡 𝐝𝐞𝐜𝐥𝐢𝐧𝐢𝐧𝐠 𝐩𝐫𝐢𝐜𝐞𝐬 𝐚𝐧𝐝 𝐰𝐞𝐚𝐤𝐞𝐧𝐢𝐧𝐠 𝐦𝐨𝐦𝐞𝐧𝐭𝐮𝐦.

𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐋𝐞𝐯𝐞𝐥𝐬: The primary support level is around $10.38 per bushel, as indicated by the recent low.
𝐑𝐞𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞 𝐋𝐞𝐯𝐞𝐥𝐬:Immediate resistance is noted at the 23.6% Fibonacci retracement level, around $11.21 per bushel, followed by stronger resistance at $11.70 per bushel, near the 28.2% Fibonacci level.

𝐄𝐱𝐩𝐨𝐧𝐞𝐧𝐭𝐢𝐚𝐥 𝐌𝐨𝐯𝐢𝐧𝐠 𝐀𝐯𝐞𝐫𝐚𝐠𝐞𝐬 (𝐄𝐌𝐀):
9-week EMA: 11.14, acting as a dynamic resistance level.
50-week EMA: 11.89, providing a broader perspective of market trends and acting as a long-term resistance.

𝐑𝐞𝐥𝐚𝐭𝐢𝐯𝐞 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡 𝐈𝐧𝐝𝐞𝐱 (𝐑𝐒𝐈):
The RSI is currently at 26.75, indicating that the market is in the oversold territory. This suggests a potential for a price reversal or consolidation in the near term.

𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐏𝐫𝐢𝐜𝐞 𝐀𝐜𝐭𝐢𝐨𝐧:
The price is currently trading below both the 9-week and 50-week EMAs, which indicates a bearish trend.
The market has recently breached the 23.6% Fibonacci retracement level, confirming the bearish sentiment.

𝐏𝐫𝐢𝐜𝐞 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞: The price performance of CBOT Soybean Futures has been consistently declining over various periods:
Month-to-date: 🔻-6%
Three months: 🔻-12%
Six months: 🔻-13%
One year: 🔻-17%

𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:
▶Given the current bearish momentum and the oversold condition indicated by the RSI, there is a possibility of a short-term rebound or consolidation around the current levels.
▶Traders should watch for any price action around the 23.6% Fibonacci retracement level (11.21) for potential resistance and near-term selling opportunities.
▶If the price continues to decline, the support at 10.39 will be crucial. A break below this level could lead to further downside towards the psychological level of 10.00.
▶On the upside, a sustained move above the 9-week EMA (11.14) and the 23.6% Fibonacci level could signal the beginning of a bullish correction towards the 50-week EMA (11.89).

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: The CBOT Soybean Futures (Nov 2024) chart shows a bearish trend with the potential for a short-term rebound. Traders should monitor key support and resistance levels, alongside the RSI and EMA indicators, to make informed trading decisions.