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Soybeans CME: Watch For More Highs

Published 03/10/2014, 05:50 AM
Updated 07/09/2023, 06:31 AM

Soybeans CME Weekly Chart

Soybeans May powered higher as expected to the 1459/60 target and topped exactly here. This is immediate resistance today and being overbought short term we should struggle here again. Watch for another high for the day. However a break higher cannot be ruled out and could target in this 5 week bull trend with little to stop a test of long term Fibonacci resistance at 1480/85.

Immediate support on any profit taking is 1441/40 then 1430/29 and a good chance of a low for the day. However if we continue lower look for support at 1419/18, and then a buying opportunity at 1412/11 with a bounce from here expected this week.

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