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(X2) Pullback Considered Corrective

SOY TECHS
  • RES 4: $1641.75 - 1.382 proj of the Apr 1 -22 - May 9 price swing
  • RES 3: $1620.25 - 1.236 proj of the Apr 1 -22 - May 9 price swing
  • RES 2: $1600.00 - Round number resistance
  • RES 1: $1585.50 - 1.00 proj of the Apr 1 -22 - May 9 price swing
  • PRICE: $1535.50 @ 13:23 BST Jun 14
  • SUP 1: 1506.63 - 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 remain bullish, despite having pulled back from recent highs. Last week’s price action resulted in a climb above 1555.00 - the Feb 24 high and the top of a broad range on the daily chart. The clear break confirmed a resumption of the primary uptrend and has paved the way for gains towards $1585.50, a Fibonacci projection, and the $1600.00 handle. On the downside, the 50-day EMA at $1505.50 is a firm support.

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  • RES 4: $1641.75 - 1.382 proj of the Apr 1 -22 - May 9 price swing
  • RES 3: $1620.25 - 1.236 proj of the Apr 1 -22 - May 9 price swing
  • RES 2: $1600.00 - Round number resistance
  • RES 1: $1585.50 - 1.00 proj of the Apr 1 -22 - May 9 price swing
  • PRICE: $1535.50 @ 13:23 BST Jun 14
  • SUP 1: 1506.63 - 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 remain bullish, despite having pulled back from recent highs. Last week’s price action resulted in a climb above 1555.00 - the Feb 24 high and the top of a broad range on the daily chart. The clear break confirmed a resumption of the primary uptrend and has paved the way for gains towards $1585.50, a Fibonacci projection, and the $1600.00 handle. On the downside, the 50-day EMA at $1505.50 is a firm support.