Soybeans CME: Unable To Beat 1092/93 Resistance
Jason Sen | Jul 15, 2014 02:36AM ET
Soybeans ended the losses for 10 days in a row, but prices were unable to beat resistance at 1092/93 and we topped almost exactly here at 1091. Yesterday's price action was more positive and gives hope for a recovery this week. However we must hold above 1085 and beat resistance at 1092/93 to reach Friday's high at 1096/97. Only a close above 1098 would be an initial sign of buyers returning and could then target 1108, perhaps as far as 1114/16 this week for a selling opportunity.
Failure to hold above 1085 keeps the market under pressure for 1081 then 1073. Any further losses risks a retest of last week's low at 1065. A break lower today cannot be ruled out and risks a slide to 1054/53 and below here targets 1150 then 1145/44 and 1135/33.
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