Technical forecast for Soybeans

soybeans1

Soybeans continued higher to hit our target of 1396 & topped almost exactly here at 1398. We are getting very overbought but a break higher cannot be ruled out and could target September’s high at 1409. There is a risk of a high for the day here today but above 1411 we could target 1419.

Immediate support is 1371/70 but below here look for 1354. A break below yesterday’s low at 1348 risks a slide as far as the gap at 1332.

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