Soybeans Overbought Short Term But Could Continue Higher
Jason Sen | Oct 07, 2013 02:49AM ET
Soybeans edged higher but unexpectedly beat 1295/96 to top at 1305. We are overbought short term but could still continue higher today for a selling opportunity at 1314/16. It looks more than likely that we see a sharp sell off from here. Exit longs & try shorts with stops above 1320.
Immediate support is 1291/88 then the 100 day moving average at 1285/84 & the 200 day moving average at 1278/74. Failure here risks a retest of last week’s low at 1264/63.
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