Technical Forecast for Soybeans
Soybeans formed a bearish double top in place & we warned of a sell off in to the end of the week. Yesterday as predicted we hit our target of 1351/1347 but ran over a little to 1341. We are oversold short term now so a small bounce is possible today but we will need to beat resistance at 1361/62. Above here look for trend line resistance at 1376/79 for a selling opportunity with stops above 1387.
Immediate support is 1345/41 but below here we should target the gap at 1331. Expect a low for the day here to exit shorts & try longs with stops below 1323.
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