Soybeans CME: Consolidating Recent Losses
Jason Sen | Sep 03, 2014 05:41AM ET
Soybeans held a range of 1020 to 1037 last week and traded both ends of this range yesterday. 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 recent highs of 1037/38 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 target 1043 perhaps even 1047/48. July lows at 1054/56 the next target.
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