Technical forecast for Soybeans

soybeans1

Soybeans for November have stabilised above trend line support at 1200. We face resistance at 1228/30 & this could hold the topside today but shorts need stops above 1232 for a move towards 1240/41. Look for a selling opportunity here to exit longs & try shorts with stops above 1250 for a test of the 100 day moving average at 1254/55.

Last week’s low at 1208/07 is our first support then trend line support at 1200. There is a good chance of a bottoming out now for the 2 month sell off so we could use this area as a buying opportunity. However any longs need tight stops below the May low of 1197 as a break lower risks a slide to 1190 then this year’s low of 1187/86.

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