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(F2) Trading Near 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: $1268.25 @ 13:44 GMT Nov 23
  • 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 consolidating near recent highs. Resistance at $1266.25, Oct 27 high was cleared last 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.

Energy BulletsCommodities
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