Technical Forecast for Soybeans

Soybeans for November headed lower as expected but broke our lower support at 1242/40 & collapsed all the way to 1207. We are just starting to look oversold short term as we approach trend line support at 1200 so we could see a bounce from here. However any longs need stops below the May low of 1197 as a break lower risks a slide to 1190 then this year’s low of 1187/86.

 

Look for resistance at 1224/25 but above 1230 we look a little more positive for 1236/38.