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(F2) Remains Below Recent Highs

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: $1226.25 @ 13:44 GMT Dec 1
  • 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 traded lower yesterday. Further weakness would expose support at $1181.25, the Nov 9 low and bear trigger. Clearance of this level would confirm a resumption of the downtrend and pave the way for a move towards $1149.25, Feb 11 low. On the upside, key short-term resistance has been defined at $1289.25, Nov 17 high. A break is required to trigger a bullish recovery.

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