Soybeans CME November contract Daily Forecast – 16 October 2014

Soybeans made it as far as 976/978 & topped exactly here. A good chance the recovery is now over. The bear trend is likely to resume & below 949 adds pressure today to target 942/941. If we continue lower look for good support at 936/935 for a buying opportunity with stops below 932. Go with a break lower to target 919/918.

Holding support at 949 could trigger a recovery to 960/961. Outlook is more negative but any shorts need stops above 968 for a retest of 977/978. Exit longs & try shorts adding on any further gains to 985/986 with stops above 991.

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