Technical forecast for Soybeans

soy

Soybeans for November resistance at 1270/71 did hold the topside as predicted to test the 100 day moving average at 1256/55. The short term outlook is quite negative so any longs here need stops below 1251. A break lower then risks a slide to 1242/40.

Immediate resistance at 1261/62 but above here we could reach 1269/70. Look for a high for the day here but shorts need stops above 1272 for a test of the 200 day moving average at 1280/81 & a selling opportunity.

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