Soybean Resistance on the Horizon
Oct 14, 2011
After a solid technical and fundamental week for Soybeans, the oilseed will run into a bit of technical resistance next week at $12.82-13.00. That price level marks the bottom of the sideways channel Soybeans traded in for nearly five months and will prove to be an important battleground if the commodity wants to rebuild its technically weak chart.
Should Soybeans cross back over 13 with conviction, another daunting roadblock lay ahead at both $13.20 and $13.40. At these levels the 200, 100 and 50 day Moving Average will almost certainly offer up some strong selling pressure.
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