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Soybeans: Shorts Need Stops Above 948

Published 06/19/2017, 03:36 AM
Updated 07/09/2023, 06:31 AM

Soybeans CME Weekly Chart

Soybeans strong bounce back to resistance at 940/941 again on Friday. Expect strong resistance at the 944/945 high if we reach this far. Shorts need stops above 948. A break higher however meets an excellent selling opportunity at 952/953 with a good chance of a high for the recovery. Try shorts with stops above 957.

Failure to beat resistance at 940/941 keeps us trading sideways to target 936/935 then support for the day at 931/930. Further losses retest the low this week set yesterday at 925.50. A break lower targets 923 and 919/918 before the 911/910 low.

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