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(F3) Recent Pullback Considered Corrective

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: $1476.69 - 61.8% retracement of Jun 9 - Jul 22 bear leg
  • PRICE: $1426.25 @ 13:33 GMT Nov 21
  • 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 recent dips are considered corrective. Resistance at $1440.75, the Sep 27 high was breached recently easing a bearish threat. The move signals potential 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.

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