Soybeans: Bear Trend Continues
Jason Sen | Aug 19, 2014 08:12AM ET
Soybeans in a bear trend but held support at 1046/45 as predicted and managed a recovery as hoped to strong resistance at 1057/58 is a big challenge. We halted below 1061 but above here the outlook is more positive as stated yesterday as we look for a test of resistance at 1067/68. Exit longs and try shorts with stops above 1071.
Failure to beat 1057/58 today however keeps the market under pressure. Below 1050 then adds pressure risking a test of support at 1046/45. This could hold the downside again today but below here a retest of crucial support at last week's low of 1039. Clearly a break lower this week is a negative signal and targets 1033.
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