Technical forecast for Soybeans

soy1

Soybeans for November headed lower as expected but broke our lower support at 1242/40 & collapsed all the way to 1207. We are just starting to look oversold short term as we approach trend line support at 1200 so we could see a bounce from here. However any longs need stops below the May low of 1197 as a break lower risks a slide to 1190 then this year’s low of 1187/86.

Look for resistance at 1224/25 but above 1230 we look a little more positive for 1236/38.

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