Soybeans: First Resistance At 866/867
Jason Sen | Jan 11, 2016 05:50AM ET
Soybeans first resistance at 866/867 is key again today but above here re-targets 871. If we continue higher look for the next target and resistance at 875/876 and a selling opportunity. Shorts here need stops above 878. Just be aware that a break higher targets 882/883.
Failure to beat first resistance at 866/867 keeps us trading sideways. First support at 863 but below here risks a retest of December lows at 854/853. This obviously remains the most important support of the day, but failure here risks a slide to 850/849 then November lows for the March contract at 847. Below here meets further important support at 844.25, being the November low for the continuation contract.
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