Soybeans CME: Consolidating Recent Losses
Jason Sen | Sep 02, 2014 07:53AM ET
Soybeans held a range of 1020 to 1037 last week and traded near both ends of this range in the last 3 days. It looks like we are consolidating recent losses before another leg lower. A break below 1021/20 should target 1010/09. If prices continue lower look for 1000/999 then 992.
Immediate resistance at 1029/30 but above here tough resistance at 1034/36. Only above last week's high of 1037 is more positive and we then have a gap to fill at 1040. We need a break and close above here tonight to turn the outlook more positive this week and perhaps allow a move towards 1047/48. July lows at 1054/56 the next target.
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