Technical Forecast for Soybeans
Soybeans continued higher to hit our target of 1396 & topped almost exactly here at 1398. We are getting very overbought but a break higher cannot be ruled out and could target September’s high at 1409. There is a risk of a high for the day here today but above 1411 we could target 1419.
Immediate support is 1371/70 but below here look for 1354. A break below yesterday’s low at 1348 risks a slide as far as the gap at 1332.
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