Soybeans CME: Outlook Negative
Jason Sen | Nov 29, 2013 01:43AM ET
Soybeans hit our target and selling opportunity at 1340/41 and topped exactly here as predicted. This trade worked perfectly with a high for the week expected as stated and we tumbled to 1319/18. Today's outlook is quite negative and failure to hold 1318 today targets 1313 and 1309, on the way to support at 1305. This should hold the downside today. Exit shorts and try longs with stops below 1300.
If we hold support at 1318 we should bounce to 1323/24. This may hold a move higher but above here can target 1329, possibly as far as 1334/36.
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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