Soybean Prices Hit 7 Week Low

Soybean Futures---Soybean futures in the January contract is trading higher by 1 cent at 9.06 a bushel in a very quiet Thursday afternoon in Chicago as prices are still hovering right near a 7-week low.

I have been recommending a bearish position from around the 9.23 level and if you took that trade continue to place the stop-loss above the 10-day high standing at 9.39 as an exit strategy, however in tomorrow's trade that will be lowered to 9.29 and then in Monday's trade will be lowered once again to 9.23 as the chart structure is outstanding at the current time.

Soybean prices are trading under their 20 and 100 day moving average as this trend remains to the downside as weak demand and historically high carryover levels continue to hamper prices in the short-term.

In my opinion until some type of trade agreement with China comes about this market will continue to grind lower on a daily and weekly basis as the risk/reward is in your favor as this is my only grain recommendation at the current time as the whole sector looks weak so continue to stay short while placing the proper stop loss.

TREND: LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

TWITTER---@seeryfutures

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

Email: mseery@seeryfutures.com

If youre looking to open a Trading Account click on this link www.admis.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.