Technical forecast for Soybeans

soy2

Soybeans formed a bearish double top in place & we warned of a sell off in to the end of the week. Yesterday as predicted we hit our target of 1351/1347 but ran over a little to 1341. We are oversold short term now so a small bounce is possible today but we will need to beat resistance at 1361/62. Above here look for trend line resistance at 1376/79 for a selling opportunity with stops above 1387.

Immediate support is 1345/41 but below here we should target the gap at 1331. Expect a low for the day here to exit shorts & try longs with stops below 1323.

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