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(F1) Breaches Key Short-Term Support

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: $1266.25 - High Oct 27 and a key resistance
  • PRICE: $1189.50 @ 13:44 GMT Nov 9
  • SUP 1: $1183.75 - Low Mar 31, 2020
  • SUP 2: $1149.25 - Low Feb 11
  • SUP 3: $1136.50 - 61.8% of the Apr '20 - May '21 rally (cont)
  • SUP 4: $1101.25 - 1.382 proj of the Jun 7 - 17 - Jul 1 price swing

Soybean futures are trading lower and have breached support at $1195.75, Oct 13 low. This confirms a resumption of the underlying downtrend and resumes the bearish price sequence of lower lows and lower highs. Moving average studies are in a bear mode condition too. Attention is on the Mar 31 low of $1183.75 where a break would open $1136.50, a retracement level. Key short-term resistance is at $1266.25, Oct 27 high.

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