The daily soybean chart has been in a strong bullish uptrend since the breakout of late June and indeed has been one of our star performers in the soft commodities sector.The initial breakout on the daily soybean chart was first signaled by Hawkeye back in mid June and following a period of sideways consolidation finally breaking through the $1450 cents per bushel, which has since provided a strong platform of support for the surge higher.
Throughout July and August the commodity then consolidated in the $1550 to $1690 per bushel area, which was well defined by the Hawkeye pivots to both the upside and the downside. The next leg up in the move was once again confirmed by Hawkeye with a conservative volume signal which arrived five days ago on the daily chart and with bullish volume in both timeframes and a bullish trend on our three day chart, soybeans now look set to test the $1800 cents per bushel price point in due course. The September soy bean futures closed on Friday at $1764.50 per bushel.
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