March soybean futures a buying opportunity on more price strength.
See on the daily bar chart for March soybean futures that a fledgling uptrend line is in place. See, too, that the shorter-term moving averages I follow (9- and 18-day) are in a bullish mode as the 9-day has crossed above the 18-day and both lines are trending higher. The soybean bulls have gained some fresh upside near-term technical momentum and would gain more by pushing prices above chart resistance at last week’s high of $14.93 3/4. That would also become a fresh buying opportunity. The upside price objective would be $16.00, or above. Technical support, for which to place a protective sell stop just below, is located at $14.50. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grains.
