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Key Support Remains Exposed

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Pullback Extends, But Still Looks Corrective in Nature

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FED Remains in Play Post-NFP/ISM Data

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(F3) In A Range But Remains Vulnerable

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: $1440.75 - High Sep 27
  • PRICE: $1404.50 @ 13:50 BST Oct 31
  • SUP 1: $1362.25.00 - 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

Soybean futures remain inside the recent range. The outlook is bearish. Recent weakness - in late September and early October - resulted in the break of support at $1378.00, Sep 8 low. This strengthened a bearish case and signals scope for weakness towards $1297.00, the Jul 22 low - a key support. On the upside, initial firm resistance is seen at $1440.75, the Sep 27 high, where a break would ease the bearish threat.

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