Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Soybeans Must Hold Above 974/973 To Continue Revocery

Published 03/19/2015, 07:12 AM
Updated 07/09/2023, 06:31 AM

Soybeans Weekly Chart

Soybeans must now hold above 974/973 to continue the recovery and retest yesterday's high at 980. We should struggle here again today but do not rule out a break higher to target 986/987. This should be more of a problem to bulls, but if trying shorts use a stop above 989 to target strong resistance and a selling opportunity at 996/997. Try shorts with a stop above 999. An unexpected break higher however could then target resistance at 1006/1007.

Below 973 is less positive and risks a slide to 970 and then we have a gap to fill at 967. Below here is quite good support down at 964/963 but longs need a stop below 961. A break lower is likely to target 959 then 956 before the two-day low at 953.50.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.