Market Overview

Technical Forecast for Soybeans

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.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Commodities Markets Trading Ideas


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