Technical forecast for Soybeans

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Soybeans broke 1371/70 to hit our next target of 1361 but it looks like we will continue lower to 1351 today. A low for the day is expected here. Exit shorts & try longs with stops below 1346 as a break lower should then fill the gap at 1331 for a second buying opportunity.

Resistance at 1382/87 then this week’s high at 1409 should hold the topside again today with the market so overbought now on the daily chart. However be ready to go with a break above 1411 as we could then target 1419.

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