By Jason Sen
| Aug 04, 2013 05:56AM GMT |
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.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.