May soybean futures a selling opportunity on a “swing trade” basis.
See on the daily bar chart for May soybean futures that prices have moved close to major resistance at the $15.00 area. The $15.00 level, or just below, has turned back several price rallies the past few months. Thus, a “swing trading” selling opportunity is at hand. A move below chart support at Thursday’s low of $14.60 3/4 would become a fresh selling opportunity. The downside price objective would be $13.50, or slightly 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.
