Soybeans See Short Covering in a Bear Market

click on the chart to enlargeFor the soybean bulls to get some significant upside near-term technical momentum uncorked, they would have to produce a close above solid technical and psychological resistance at $9.00 a bushel, basis January futures. Below that price level does lie technical resistance at the $8.75 level. On the downside, technical support for January soybeans is located at Thursday's low of $8.26 3/4 and then psychological support is located at $8.00. Solid technical support is located at the contract low of $7.76 1/4. A close below the present contract low would then open the door to a quick price move to longer-term technical support at the $7.50 level, basis January futures.--Stay tuned! Jim Wyckoff