Soybean Oil ZLZ12 (Dec)
December soybean closed lower on Monday as it extended the decline off July's high. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term.
If December extends the decline off July's high, the reaction low crossing at 51.36 is the next downside target. Closes above the 20-day moving average crossing at 53.81 are needed to temper the near-term bearish outlook.
First support is today's low crossing at 51.84. Second support is the reaction low crossing at 51.36.
First resistance is the 20-day moving average crossing at 53.81. Second resistance is July's high crossing at 56.00. First support is today's low crossing at 51.84. Second support is the reaction low crossing at 51.36.
HAPPY TRENDING
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