Soybeans: Outlook Remains Negative
Jason Sen | Sep 23, 2014 03:06AM ET
Soybeans outlook remains quite negative in a severe 3 month bear trend and hit our target of excellent longer term support at 934/932. At the time of writing we have bottomed almost exactly here at 931. To repeat yesterday's remarks: **This is crucial for the week and the best chance of a bounce in the bear trend.** It should be worth exiting shorts and trying longs with stops below 926. A break lower however should then target 921/920.
If we do get the expected recovery starting today, we should reach 947/948 then 957/958. We should struggle so watch for a high for the day. However if we continue higher the next target is 965/966. Above here this week look for a selling opportunity at 973/974.
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