226
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.
Advertisements
