Commodity Chart of the day
Daily Soybeans
(Click to enlarge)
See previous posts. I have been advising probing shorts in soybeans and it appears a move lower is underway. My interpretation is the weak longs will be shaken out in the coming weeks. Maybe technical analysis is not for everyone but taking a look at the Fib levels here may send a different message. If and when $13.09 gives way in the November contract more selling should emerge in my opinion.
Given the opportunity to buy a break and be long ahead of month end USDA report is what you'll hear from me in a few weeks. After a $1 move in the futures market of late I would expect some give back. My target is $12.80/12.90 on this contract. However this could be a quick trade and I will likely look to reverse if we get the break I anticipate.
Disclaimer: The opinions contained herein are for general information only and not tailored to any specific investor's needs or investment goals. Any opinions expressed in this article are as of the date indicated. Trading futures, options, and Forex involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
