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.