Market Overview

Technical Forecast for Soybeans

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.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Commodities Markets Trading Ideas


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