July Soybean Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for July soybean futures that prices have backed way off the recent highs, which has negated an uptrend line and also raised the specter of a bearish double-top reversal pattern. The bulls have faded. A move below chart support at last week’s low of $14.51 would give the bears better downside technical momentum and it would also become a selling opportunity. The downside price objective would be $13.50 or below. Technical resistance, for which to place a protective buy stop just above, is located at $15.00. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
