Market Overview

Technical Forecast for Soybeans

Share:
Technical Forecast for Soybeans

 


Soybeans broke 1371/70 to hit our next target of 1361 but it looks like we will continue lower to 1351 today. A low for the day is expected here. Exit shorts & try longs with stops below 1346 as a break lower should then fill the gap at 1331 for a second buying opportunity.


 


Resistance at 1382/87 then this week’s high at 1409 should 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

 

Related Articles

View Comments and Join the Discussion!