Soybeans: Further Losses Risk Retest Of April Lows

Published 05/11/2015, 04:29 AM
Updated 07/09/2023, 06:31 AM

Soybeans Weekly Chart

Soybeans outlook is mixed/neutral but below 972 look for key triangle trend line support at 966. A good chance this will hold, but failure triggers a breakout of the pattern to the downside for a retest of two week lows at 962/961. Obviously a break below here adds pressure to target 959/958 then 955/954. Further losses risk a retest of April lows at 950/949.

First resistance at 977/978 again today but above here retests resistance at 984/985. We should struggle here but on a break higher look for 989/990. Any further gains meet strong trend line resistance and late April highs of 994/995 for a selling opportunity with a stop above the 100 day moving average at 999. Only a break and close above here turns the outlook positive this week.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.