March Soybean futures trading news and research – BrokersEDGE newsletter 2-11-19

March Soybeans futures trading
Last Week’s Close: March soybean futures finished yesterday’s session down 8 ¼ cents, trading in a range of 11 cents. Funds were estimated sellers of 7,500 contracts on the day.

Fundamentals: With the dud of a USDA report behind us, attention has quickly turned back to trade negotiations with China. We do not expect much to come from the meetings but continue to believe the continuous discussions will keep a floor in the market and make dips a buying opportunity.

Technicals: Just by looking at the chart, you wouldn’t have guessed we had a USDA report on Friday. The market has been trading with the 200-day moving average for the last 12 sessions. The lack of volatility keeps many of last week’s technical levels intact this week. First support this week comes in from 908-913, a close below this pocket opens the door for a run at that psychologically and technically significant $9.00 handle. A spot where we would be buyers on the first test.

Bias: Neutral/Bullish
Resistance: 918 ¾-922 ½*** 931 ¼**, 941-947****
Support: 908-913***, 897-900 ¼****

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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

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