Soybeans hit 1346 but quickly pulled back below Fibonacci and 100 day moving average support at 1343/42 signaling a false break higher. The break below 1327 then hit our weekly downside target of 1321/19 (see below). Today's outlook remains negative after yesterday's rejection of 1343 and below 1325/27 keeps the market under pressure for a retest of 1319 then 1316 and possibly as far as 1312/11. This should hold the downside at this stage so watch for a low for the day. However longs need stops below 1307 for support at 1300/98.
Above 1328 is less negative for today at least and may allow a move towards 1335, possibly resistance at 1343/44 for a selling opportunity with stops above 1346.
Weekly outlook: Above 1342/43 is positive and can target 1361, 1366 and then 1376/77. Below 1339 however puts the market under pressure for 1328/25 then 1321/19.