Notice how Soybeans’ most recent thrust failed by two cents to surpass the very subtle external peak circled in yellow. This chicken-hearted action is a green light to position trades from the short side, including selling call premium, from now until the cows come home. Whether put premium will prove equally safe to sell depends on whether the minor downtrend exceeds its ‘p’ support (or more bearishly, its ‘D’ target.) If not, we could see this vehicle shuffle sideways for an eternity — or until a 1930s-style dust bowl makes beans scarce.
