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Soybeans CME: Becoming Overbought

Published 03/31/2014, 03:18 AM

Soybeans CME Weekly Chart

Soybeans running out of momentum below March highs at 1459/60 this week as we become overbought. Below 1437 is more negative for today and targets 1426/25. If we continue lower look for 1417/16 then good support at 1410 which should hold the downside. Longs need stops below 1405.

Above 1438 is more positive but we run in to February highs at 1443/45 then last week's high at 1450/51. If we manage a breakhigher it is unlikely we can beat March highs at 1459/60 at this stage.

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