March soybean futures a selling opportunity on more price weakness.

 

See on the daily bar chart for March soybean futures that prices have sold off sharply recently, including negating an uptrend line. A bear flag has now formed on the daily chart. Bears have downside near-term technical momentum. A move below solid chart support at last week’s low of $12.62 ½ would become a selling opportunity. The downside price objective would be $12.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $12.90. Remember that the mini grain futures contracts are a liquid and viable way to trade the grain markets.

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