Technical Forecast for Soybeans

Soybeans for November have stabilised above trend line support at 1200. We face resistance at 1228/30 & this could hold the topside today but shorts need stops above 1232 for a move towards 1240/41. Look for a selling opportunity here to exit longs & try shorts with stops above 1250 for a test of the 100 day moving average at 1254/55.
 
Last week’s low at 1208/07 is our first support then trend line support at 1200. There is a good chance of a bottoming out now for the 2 month sell off so we could use this area as a buying opportunity.  However any longs need tight stops below the May low of 1197 as a break lower risks a slide to 1190 then this year’s low of 1187/86.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: TechnicalsCommoditiesMarketsTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!