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(X2) Testing The Range Base

SOY TECHS
  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1584.75 - High Jun 9 and the bull trigger
  • RES 2: $1556.75 - High Jun 17
  • RES 1: $1478.50/1507.44 - High Jun 22 / 50-day EMA
  • PRICE: $1425.50 @ 13:19 BST Jun 24
  • SUP 1: $1399.25 - Intraday low
  • SUP 2: $1394.00 - Low Apr 1
  • SUP 3: $1362.25 - Low Feb 1
  • SUP 4: $1325.50 - Low Jan 27

Soybean futures sold off sharply yesterday. The contract remains soft but has arrived at a key area of support. The $1400.00 handle is the base of a range that started Feb 24 and has provided support on; Feb 25 ($1403.00 low), on Apr 1 ($1394.00 low) and so far today, at $1399.25. A clear break of these various lows would highlight an important break and potentially a significant reversal. If the base holds, this would be a bullish short-term development.

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  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1584.75 - High Jun 9 and the bull trigger
  • RES 2: $1556.75 - High Jun 17
  • RES 1: $1478.50/1507.44 - High Jun 22 / 50-day EMA
  • PRICE: $1425.50 @ 13:19 BST Jun 24
  • SUP 1: $1399.25 - Intraday low
  • SUP 2: $1394.00 - Low Apr 1
  • SUP 3: $1362.25 - Low Feb 1
  • SUP 4: $1325.50 - Low Jan 27

Soybean futures sold off sharply yesterday. The contract remains soft but has arrived at a key area of support. The $1400.00 handle is the base of a range that started Feb 24 and has provided support on; Feb 25 ($1403.00 low), on Apr 1 ($1394.00 low) and so far today, at $1399.25. A clear break of these various lows would highlight an important break and potentially a significant reversal. If the base holds, this would be a bullish short-term development.