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(F2) Bearish Trend Condition

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: $1218.00 @ 13:44 GMT Nov 11
  • SUP 1: $1181.25 - Low Nov 9
  • 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 registered fresh trend lows earlier this week and the contract has 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 remain in bear mode reinforcing the current trend direction. Attention is on $1136.50 next, a retracement level. Key short-term resistance is at $1266.25, Oct 27 high.

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