Soybean Prices Unexpectedly Shoot Higher
Jason Sen | Nov 24, 2015 02:05AM ET
Soybeans January bullish candle yesterday may be signalling the start of a short term correction higher in the bear trend. However the main challenge for bulls today is strong resistance at 863/864. A break above 866 should confirm further gains to target 869/870. We should struggle here so watch for a high for the day but if we continue higher this week look for a selling opportunity at 874/875.
Failure to beat strong resistance at 863/864 kills hopes for short term recovery and triggers a drift lower towards 859/858. If we continue lower look for minor support at 856. A break below here however is more negative and targets 848/847 before a retest of 844 lows. Just be aware that a break lower targets 843/842, 838/837 then 831/830.
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