Soybean - Daily - Near the strong area of resistance.
Trade Alert
This is something for those, who likes to trade commodities.
Soybeans are near their key area of resistance between 8.960 and 9.055. For us to take the side of the bulls, we would need to see a strong move above 9.055, in order to position ourselves for higher levels. The next longer-term potential area of resistance could be around 9.570, which is also not far from the 200 EMA. The area could prove itself as good resistance that could the price down for a bit.
Alternatively, a break below the short-term upside support line could invite more bears to the table, where the move could lead to a test of the 8.680 zone, marked by the low of the 3rd of August. A break below that level could set the stage for the 8.400, which was the low of the 24th of July.
Don't forget your SL !
This is something for those, who likes to trade commodities.
Soybeans are near their key area of resistance between 8.960 and 9.055. For us to take the side of the bulls, we would need to see a strong move above 9.055, in order to position ourselves for higher levels. The next longer-term potential area of resistance could be around 9.570, which is also not far from the 200 EMA. The area could prove itself as good resistance that could the price down for a bit.
Alternatively, a break below the short-term upside support line could invite more bears to the table, where the move could lead to a test of the 8.680 zone, marked by the low of the 3rd of August. A break below that level could set the stage for the 8.400, which was the low of the 24th of July.
Don't forget your SL !