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(F3) Off Recent Highs

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: $1428.25 @ 13:44 GMT Dec 2
  • 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

Soybean futures sold off sharply yesterday. Resistance has been defined at $1478.50, Nov 30 high. A deeper pullback would undermine a recent bullish theme and expose 1406.75, Nov 17 low and a key short-term support. A break would signal scope for a deeper pullback. Price needs to clear resistance at $1478.50 to reinstate the recent bullish theme. This would open $1500.00 ahead of resistance at $1519.13, a Fibonacci retracement.

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