Soybeans CME: Severely Oversold
Jason Sen | Jul 14, 2014 04:35AM ET
Soybeans have already fallen as much in the first 2 weeks of July as the whole of June and that in itself was quite a big move. We have seen losses for 10 days in a row now, with Friday's the biggest move of last week. We the low this year in January at 1089/88 today tumbled to 1065. A break lower today risks a slide to 1054/53 and below here targets 1150 then 1145/44 and 1135/33.
Although severely oversold too risky to look for a bottom until we see a positive signal. Resistance at 1085/86 then 1092/93 and Friday's high at 1096/97. Only a close above here would be an initial sign of buyers returning.
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