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May 19th, Economies.com’s analysts’ latest opinion today: CBOT soybean prices have recently traded within the bearish flag that appears on the chart. A break above 1276.60 would therefore activate the negative side of the pattern and push prices back into a bearish wave targeting 1270.00, followed by 1250.00 as the next major hurdle.
We will therefore continue to recommend a bearish trend for some time to come and note that a break above 1290.00 would lead to an intraday upside move towards the 1318.20 area before any fresh downside attempts. Today’s support level is 1265.00 and the resistance level is 1295.00.
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