Technical Forecast for Soybeans
Soybeans for November have stabilised above trend line support at 1200. We face resistance at 1228/30 & this could hold the topside today but shorts need stops above 1232 for a move towards 1240/41. Look for a selling opportunity here to exit longs & try shorts with stops above 1250 for a test of the 100 day moving average at 1254/55.
Last week’s low at 1208/07 is our first support then trend line support at 1200. There is a good chance of a bottoming out now for the 2 month sell off so we could use this area as a buying opportunity. However any longs need tight stops below the May low of 1197 as a break lower risks a slide to 1190 then this year’s low of 1187/86.
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