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Soybeans: First Resistance At 866/867

Published 01/11/2016, 05:50 AM
Updated 07/09/2023, 06:31 AM

Soybeans CME Chart

Soybeans first resistance at 866/867 is key again today but above here re-targets 871. If we continue higher look for the next target and resistance at 875/876 and a selling opportunity. Shorts here need stops above 878. Just be aware that a break higher targets 882/883.

Failure to beat first resistance at 866/867 keeps us trading sideways. First support at 863 but below here risks a retest of December lows at 854/853. This obviously remains the most important support of the day, but failure here risks a slide to 850/849 then November lows for the March contract at 847. Below here meets further important support at 844.25, being the November low for the continuation contract.

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