Soybeans Must Hold Above 974/973 To Continue Revocery
Jason Sen | Mar 19, 2015 07:12AM ET
Soybeans must now hold above 974/973 to continue the recovery and retest yesterday's high at 980. We should struggle here again today but do not rule out a break higher to target 986/987. This should be more of a problem to bulls, but if trying shorts use a stop above 989 to target strong resistance and a selling opportunity at 996/997. Try shorts with a stop above 999. An unexpected break higher however could then target resistance at 1006/1007.
Below 973 is less positive and risks a slide to 970 and then we have a gap to fill at 967. Below here is quite good support down at 964/963 but longs need a stop below 961. A break lower is likely to target 959 then 956 before the two-day low at 953.50.
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