July Soybean Chart

Soybean prices also in a long term and intermediate uptrend but Friday’s reversal down and todays follow through to the downside does have the short-term chart looking more negative and the near term technical looking negative as well.

If we do get some bullish news this market could easily test the 10- and 20-day moving average and then our uptrend line down in the 6.30 range.

Current overhead resistance s in the 7.35-7.40 range where we saw a high back in late February and then on Friday.