Soybeans opened above 1323/24 and beat 1334/36 to reach 1346 this morning. We have broken Fibonacci and 100 day moving average resistance at 1343/42 giving a more positive outlook to this week. As long as we hold and close above here tonight we can target 1348/49 then 1361/62.
Below Friday's high of 1339.50 however signals a false break higher this morning and a test of support at 1335/34. If this does not hold the downside we could reach 1327.
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 1321/09.