Soybeans CME: Dipped To 1319/18
Jason Sen | Nov 27, 2013 02:08AM ET
Soybeans dipped back to 1319/18 as expected and bottomed almost exactly here at 1316¾. We have shot higher through 1333/34 as we close in on 1340/41. Use this as our next selling opportunity. A high for the week is possible here, but we need wide stops on shorts above 1350.
Having hit 1338¼ and become overbought there is a risk of a drift lower to 1332/31 then 1327 today. If we continue lower we meet good support at 1323/22 which should hold the downside. However, any longs need stops below 1320. We meet good support again at 1313/12.
Weekly outlook: Resistance to 1340 should be a struggle and could cap this week. However above 1350 is positive and can target 1363/65. Good support at 1303/01 but below here could target 1289, possibly 1282/80.
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