Technical forecast for Soybeans

soy

Soybeans bounced towards 1366 but only made it to 1363. Resistance at 1361/63 today but above here may test resistance at 1379/82 for profit taking on any longs. This could hold the topside but if we continue higher look for a retest of this August highs at 1409.

Good support at 1346 but the daily chart is more negative & so a break lower cannot be ruled out and could target the gap at 1331. We could see a low for the day here but if we continue lower look for a second buying opportunity at 1317/15 & a good bounce from here expected.

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