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(F1) Bullish Trend Conditions Intact

SOY TECHS
  • RES 4: $1198.75 - High Jun 13, 2016 (cont)
  • RES 3: $1182.00 - High Jun 30, 2016 (cont)
  • RES 2: $1176.50 - High Jul 1, 2016 (cont)
  • RES 1: $1162.25 - High Nov 11 and the bull trigger
  • PRICE: $1152.50 @ 13:02 GMT Nov 16
  • SUP 1: $1108.00 - Low Nov 10
  • SUP 2: $1083.50 - Low Nov 5
  • SUP 3: $1045.00 - Low Nov 2 and the bear trigger
  • SUP 4: $1038.25 - Low Oct 15

Soybean futures remain bullish. Recent gains off the Nov 2 low of $1045.00 saw the contract trade through the former resistance and bull trigger at $1088.5, Oct 27 high. Bulls haven't looked back since. Further upside is likely with attention on $1176.50, Jul 1, 2016 high (cont). Key trend support has been defined at $1045.00. However ahead of that, initial support is at $1108.00, Nov 10 low.

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