Technical forecast for Soybeans

Soybeans for November held good Fibonacci support & 100 day moving average this week & made it to 1271/74 for profit taking as expected. We managed a push higher but have so far failed to reach 1285/86 for a selling opportunity. If we make it this far we could exit longs & try shorts with stops above the 200 day moving average at 1290.

Eventually we should head lower this week & below 1272 is more negative today. Look for 1267 & a possible retest of this week’s low of at 1258/55. A break lower cannot be ruled out perhaps later this week and could target 1250/48. If we continue lower look for excellent support at 1243/42 & a good chance of a low for the week but any longs need stops below 1238.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. has established itself as the leading provider of... More