Technical forecast for Soybeans

soybeans

Soybeans for November jumping around but not covering any new ground for the past week. However we did beat 1280/81 resistance & with today’s outlook quite positive we could reach for a retest of July highs at 1297/98. We should struggle here & it may be worth exiting longs & trying shorts with stops above 1302.

Look for good support at today at 1282/80 with the 200 day moving average here. A low for the day likely but longs need stops below 1277 as a break lower risks a slide to 1271/69.

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. www.daytradeideas.com has established itself as the leading provider of... More