Soybeans May failed just below March highs at 1459 for the third week in a row leaving a negative double top pattern in place. We sold off sharply back to the target of 1412/09 but ran over to 1405 and this morning we are lower again. A break below 1400 targets good Fibonacci support and last week's low at 1379/76. We are oversold short term so a good chance of a bounce from here but longs need stops below March lows at 1365. A break below here should then target Fibonacci 1354/52 for an excellent buying opportunity this week.
Immediate resistance at 1410/11 could hold a move higher. However a break above here could then target resistance at 1422/23 for a selling opportunity, with stops above 1430.