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(F1) Bear Trend Conditions Intact

SOY TECHS
  • RES 4: $1383.75 - High Aug 17
  • RES 3: $1344.00 - High Aug 25
  • RES 2: $1306.75/1317.00 - High Sep 27 / High Sep 16
  • RES 1: $1273.75 - High Oct 8 and a key resistance
  • PRICE: $1239.75 @ 13:44 BST Oct 27
  • SUP 1: $1195.75 - Low Oct 13
  • SUP 2: $1183.75 - Low Mar 31, 2020
  • SUP 3: $1149.25 - Low Feb 11
  • SUP 4: $1136.50 - 61.8% of the Apr '20 - May '21 rally (cont)

Soybean futures are unchanged and remain in a downtrend. Gains since Oct 13 are considered corrective in nature. The contract has recently breached $1244.75, Jun 17 low, reinforcing bearish conditions. This maintains the bearish sequence of lower lows and lower highs and moving average studies remain in a bear mode. Attention is on the Mar 31 low of $1183.75. Firm resistance is at $1273.75, the Oct 8 high.

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