Technical Forecast for Soybeans
Soybeans for November held good Fibonacci support & 100 day moving average this week & made it to 1271/74 for profit taking as expected. We managed a push higher but have so far failed to reach 1285/86 for a selling opportunity. If we make it this far we could exit longs & try shorts with stops above the 200 day moving average at 1290.
Eventually we should head lower this week & below 1272 is more negative today. Look for 1267 & a possible retest of this week’s low of at 1258/55. A break lower cannot be ruled out perhaps later this week and could target 1250/48. If we continue lower look for excellent support at 1243/42 & a good chance of a low for the week but any longs need stops below 1238.
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