Technical Forecast for Soybeans

Soybeans for November jumping around but not covering any new ground for the past week. However we did beat 1280/81 resistance & with today’s outlook quite positive we could reach for a retest of July highs at 1297/98. We should struggle here & it may be worth exiting longs & trying shorts with stops above 1302.

 

Look for good support at today at 1282/80 with the 200 day moving average here. A low for the day likely but longs need stops below 1277 as a break lower risks a slide to 1271/69.