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(F1) Bullish And Focus Is On $1200.00

SOY TECHS
  • RES 4: $1234.88 - 3.382 proj of Oct 12 - 27 rally from Nov 2 low
  • RES 3: $1220.56 - 3.236 proj of Oct 12 - 27 rally from Nov 2 low
  • RES 2: $1208.50 - High Jun 10. 2016 and a major resistance
  • RES 1: $1200.00 - Round number resistance and High Nov 23
  • PRICE: $11863.75 @ 13:20 GMT Nov 30
  • SUP 1: $1161.75 - Low Nov 19
  • SUP 2: $1138.00 - Low Nov 13 and firm near-term support
  • SUP 3: $1108.00 - Low Nov 10
  • SUP 4: $1089.06- 50-day EMA

Soybean futures are consolidating but remain bullish. Recent gains reinforced the underlying bull trend as futures extended the recovery phase off the Nov 2 low. Furthermore, the move higher maintains the broader bullish price structure of higher highs and higher lows. The focus is on $1200.00, tested NOv 23. A clear break would open $1208.50. On the downside, firm support is seen at $1138.00, Nov 13 low.

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