Soybeans January failed to beat strong resistance at 1264/65 and broke 1250 in this 2 month bear trend but held above our target of 1245/44. We are so oversold now that we could try to recover in to the end of the week. We could at least reach 1256/57 today and if we continue higher look for a test of resistance at 1262/63 which should hold a move higher. However any shorts need stops above 1267 for a selling opportunity at 1271/72.
Immediate support at yesterday's low of 1247 could hold the downside again today. We have further support at 1245 so only below 1244 keeps the market under pressure & could target 1237/36.