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(F3) Bullish Outlook

SOY TECHS
  • RES 4: $1587.75 - High Jun 9 and the key resistance
  • RES 3: $1560.00 - High Jun 17
  • RES 2: $1519.13 - 76.4% retracement of the Jun 9 - Jul 22 bear leg
  • RES 1: $1478.50 - High Nov 30
  • PRICE: $1464.25 @ 13:44 GMT Dec 1
  • SUP 1: $1406.75/1362.25 - Low Nov 17 / Low Oct 6
  • SUP 2: $1297.00 - Low Jul 22 and bear trigger
  • SUP 3: $1278.25 - Low Jan 18
  • SUP 4: $1263.25 - Low Dec 30 2021

A bullish tone remains intact in Soybean futures and this week’s gains reinforce this theme. Moving average studies are in a bull mode position and this highlights positive market sentiment. Potential exists for a climb towards the $1500.00 handle ahead of resistance at $1519.13, a Fibonacci retracement. On the downside, key support is at $1362.25, the Oct 6 low. A break, if seen, would be bearish. Initial support to watch, lies at $1406.75.

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