Free Trial

(F2) Bullish Short-Term Focus

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: $1289.25 - High Nov 17
  • PRICE: $1263.25 @ 13:44 GMT Nov 19
  • SUP 1: $1181.25 - Low Nov 9 and the bear trigger
  • 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 closer to recent highs. Resistance at $1266.25, Oct 27 high has been cleared this week. The breach of this level has eased recent bearish pressure and suggests scope for a stronger short-term corrective recovery. The focus is on the $1300.00 handle. Broader trend conditions remain bearish though. A resumption of weakness would expose the bear trigger at $1181.25.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.