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(F1) Corrective Cycle

SOY TECHS
  • RES 4: $1220.56 - 3.236 proj of Oct 12 - 27 rally from Nov 2 low
  • RES 3: $1208.50 - High Jun 10. 2016 and a major resistance
  • RES 2: $1200.00 - Round number resistance and High Nov 23
  • RES 1: $ 1176.00 - High Dec 1
  • PRICE: $1165.50 @ 12:56 GMT Dec 3
  • SUP 1: $1138.00 - Low Nov 13 and firm near-term support
  • SUP 2: $1116.63 - Trendline support drawn off the Aug 12 low
  • SUP 3: $1108.00 - Low Nov 10
  • SUP 4: $1097.19 - 50-day EMA

Soybean futures have been under pressure this week as the contract extends its corrective phase. Attention turns to the next support at $1138.00, Nov 13 low where a break would pave the way for a move towards trendline support at $1113.56. The trendline is drawn off the Aug 12 low. On the upside, key resistance has been defined at $1200.00, Nov 23 high. A break would reinstate a bullish focus.

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