Technical Forecast for Soybeans
Soybeans hit our target of September’s high at 1409 where we expected a high for the day & we topped exactly here in fact. We dipped back to immediate support at 1371/70 for profit taking on shorts, but below here look for 1361 then 1351. A low for the day is expected here. Exit shorts & try longs with stops below 1345 as a break lower should then fill the gap at 1331 for a second buying opportunity.
Resistance at 1409 could hold the topside again today with the market so overbought now on the daily chart. However be ready to go with a break above 1411 as we could then target 1419.
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