Soybean Trade Analysis and Recap

I’ve been watching the soybeans for a short sale the past couple of days; we had a good trade in them today.

Below is the daily chart of March Soybeans.Today was a momentum sell short day for beans (see momentum in the bottom panel of the chart).MACD is bearish, but not so low as to make one think the trend is getting too old.In the chart itself, the green horizontal line is drawn at 965-support from the past three sessions.I had an order working for Friday to sell at 964 on a stop if that support was broken, but didn’t get in as the market rallied.This morning the 965 level was taken out on the open, then proceeded to trade back up to it twice more in the first ten minutes, before breaking down.This was the selloff I was looking for, and they reached my first price objective at the Fibonacci retracement level at 952-7.Watch for the 965 level to be a point for a potential short sale if it’s retested as resistance in the next days.