Soybeans Still Overbought Short Term But Could Continue Higher
Jason Sen | Oct 08, 2013 04:19AM ET
Soybeans are struggling at 1305 because 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 and try shorts with stops above 1320.
Immediate support is 1291/88 and this did hold the downside perfectly yesterday. A good chance of a low for the day if tested again today. However just below meets good support at the 100 day moving average at 1285/84 but if we see a break lower look for the 200 day moving average at 1278/74.
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