Soybeans: Failure To Beat Strong Resistance At 956/957 Targets 948/947
Jason Sen | Oct 14, 2016 07:20AM ET
Soybeans trading sideways for 6 weeks but a potential triple bottom low is more positive now. Bulls need to push through strong resistance at 956/957 to target 964/965 then important 2 month trend line and short term Fibonacci resistance at 971/972. We then have important 200 day moving average resistance at 976/975.
Failure to beat strong resistance at 956/957 targets 948/947. On further losses look for 943/942 before the August low at 938/937. Below tests the more important September low at 934. A break below starts a new leg lower in the 4 month bear trend targeting 931, 925/924, 919/918 and perhaps as far as the April low of 916 in the days ahead.
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