November soybean futures a selling opportunity on more price weakness.
See on the daily bar chart for November soybean futures that prices have backed well down from the June high and are now in a downtrend. Prices last Friday closed at a technically bearish weekly and monthly low close, while hitting a six-week low. Bears have downside near-term technical momentum. A move in prices below technical support at $12.50 would become a selling opportunity. The downside price objective would be $11.75, or below. Technical resistance, for which to place a protective buy stop just above, is located at $12.85. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grains.
