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Wiley,
No problem. Assuming you mean the next few days by short term... I would say beans are close to making some sort of short term high.
Working on the May contract (second chart down on web), you can see the 8,5,3 Stochastic Rsi is now overbought. This indicator can stay overbought for a while, but a turn down (from above 85) ALWAYS results in at least a minor reaction. The longer term 21,13,8 Stochastic Rsi is not yet overbought, but this indicator says little, without considering the shorter term one.
The pink lines are andrew's pitchforks... prices tend to react off of the lines (or so they're supposed to). Since price has now broken above the bearish fork, the bullish fork from 9/1 should be dominant.
To that end, I expect further price rally to react off of the upper parallel at around 610. If price breaks through that, the upper warning line at around the mid 620's should serve as resistance. I don't think this current rally will make it to the upper warning line... BWDIK. Moreover, I could be very wrong, and beans might rally
a lot, so I am using a trailing stop of the average of the last 3 daily lows for my position (switches to 2 daily lows in volatile markets). I hope this helps talk to you later
Regards,
Frank
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