Soybeans continued lower to hit our target of 1054/53 and bottomed exactly here. Buyers poured in taking prices as far as our selling opportunity at 1079/81, with stops above 1083. So far today this trade has worked perfectly as prices topped almost here. However yesterday's price action was very positive in a severely oversold market. Be ready therefore to go with a break above 1083 today for a move towards resistance at 1088/89. If prices beat 1091 this keeps the outlook more positive and can target 1096/98 then 1101 and strong resistance at 1106/07 this week for a selling opportunity. Only a break above 1118 would then signal further gains in to August.
Immediate support is 1073 but below here risks a slide to 1066/65. This could hold the downside but be aware that failure here could see prices retest the 1056/55 lows.