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Soybeans CME: 2 Month Bear Trend

Published 11/05/2013, 03:31 AM
Updated 07/09/2023, 06:31 AM

Soybeans CME
Soybeans January bounced off 1250 and went for a test of strong resistance today at 1264/65. We topped almost exactly here at 1263 and this area could hold the topside again today. However, any shorts need stops above 1268 as a break higher could target 1274/76 for a selling opportunity at this stage.

We are very oversold so we may be witnessing a bottoming out this week, but break below 1250 in this 2 month bear trend certainly cannot be ruled out and targets 1245/44 and may be as far as 1237/36.

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