Technical Forecast for Soybeans

Soybeans for November resistance at 1270/71 did hold the topside as predicted to test the 100 day moving average at 1256/55. The short term outlook is quite negative so any longs here need stops below 1251. A break lower then risks a slide to 1242/40.

 

Immediate resistance at 1261/62 but above here we could reach 1269/70. Look for a high for the day here but shorts need stops above 1272 for a test of the 200 day moving average at 1280/81 & a selling opportunity.