January soybean futures a buying opportunity on more price strength.
See on the daily bar chart for January soybean futures that prices have made a strong rebound from the November low and this week hit a six-week high. The bulls have gained upside near-term technical momentum, and would gain more by pushing prices above solid chart resistance at this week’s high of $13.21 1/2. That would also become a buying opportunity. The upside price objective would be $14.00, or above. Technical support, for which to place a protective sell stop just below, is located this week’s low of $12.88 1/2. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
