Soybeans for November hit resistance at 1210/11 and topped exactly here. We broke lower to continue the downtrend and hit the 1190 target. If we hold below resistance at 1200 now a retest oversold 1190/89 is expected. A break lower cannot be ruled out in this trend and could target this year’s low of 1187/86. Any longs here need stops below 1184 for a test of the next support at 1178/77.
Resistance at 1200/01 but above here we could stretch to 1212/14 for a selling opportunity. Exit longs and try shorts with stops above 1216 for continued gains towards 1224.
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