Soybeans hit our target of September’s high at 1409 where we expected a high for the day & we topped exactly here in fact. We dipped back to immediate support at 1371/70 for profit taking on shorts, but below here look for 1361 then 1351. A low for the day is expected here. Exit shorts & try longs with stops below 1345 as a break lower should then fill the gap at 1331 for a second buying opportunity.
Resistance at 1409 could hold the topside again today with the market so overbought now on the daily chart. However be ready to go with a break above 1411 as we could then target 1419.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
