Soybeans continued lower as predicted to hit our target of 1312/11. This did hold the downside as expected & we bottomed exactly here seeing a low for the day as predicted. We ran back up to resistance at 1326/27 & this may hold the move higher.
However above 1328 is less negative for today at least & may allow a move towards 1335, possibly the 100 day moving average at 1338/39. Unlikely but if we reach as far as resistance at 1343/44 look for a selling opportunity with stops above 1346.
Immediate support is 1312/11 again today but longs need stops below 1307 for the next support at 1300/98. If this does not hold the downside look for a buying opportunity at 1290/89.
Weekly outlook: Above 1342/43 is positive & can target 1361, 1366 & then 1376/77. Below 1339 however puts the market under pressure for 1328/25 then 1321/19
By Jason Sen
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Soybean Longs Need Stops Below 1307, Support 1312/11
Published 12/04/2013, 08:27 AM
Updated 05/14/2017, 06:45 AM
Soybean Longs Need Stops Below 1307, Support 1312/11
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