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(X2) Range Breakout

SOY TECHS
  • RES 4: $1620.25 - 1.236 proj of the Apr 1 -22 - May 9 price swing
  • RES 3: $1600.00 - Round number resistance
  • RES 2: $1585.50 - 1.00 proj of the Apr 1 -22 - May 9 price swing
  • RES 1: $1573.00 - High Jun 7
  • PRICE: $1559.00 @ 13:44 BST Jun 9
  • SUP 1: $1496.88 - 50-day EMA
  • SUP 2: $1438.25 - Low May 9 and key support
  • SUP 3: $1394.00 - Low Apr 1
  • SUP 4: $1351.50 - Low Jan 31

Soybean futures traded high yesterday and managed to climb above resistance at 1555.00. This is a key level - Feb 24 high - and also marks the top of a broad range on the daily chart. A clear break would confirm a resumption of the primary uptrend and pave the way for gains towards $1585.50, a Fibonacci projection, and the $1600.00 handle. On the downside, key support is at $1438,25, May 9 low.

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