Technical Forecast for Soybeans

Soybeans bounced towards 1366 but only made it to 1363. Resistance at 1361/63 today but above here may test resistance at 1379/82 for profit taking on any longs. This could hold the topside but if we continue higher look for a retest of this August highs at 1409.

 

Good support at 1346 but the daily chart is more negative & so a break lower cannot be ruled out and could target the gap at 1331. We could see a low for the day here but if we continue lower look for a second buying opportunity at 1317/15 & a good bounce from here expected.