Soybeans Daily Forecast: Prices Shoot Higher
Jason Sen | Feb 18, 2015 09:08AM ET
Soybeans must now hold above the 100 day moving average at 1007 to keep the outlook positive. Above 1010 could trigger further gains today so be careful if still holding shorts. Once through 1012 we could see further quick gains up to 1015/16 then 1019/1020. A good chance of a high for the day here, as this is strong resistance and it could be worth trying shorts with a stop above 1024.
Below 1006 is less positive for today however and risks a slide to good support at 999/998. We could expect a low for the day here so it is worth trying longs with a stop below 995. However an unexpected break lower targets this week's low at 990/991 then strong support at 988/987.
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