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(F3) Uptrend Remains Intact

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: $1492.75 - High Dec 9
  • PRICE: $1462.75 @ 13:44 GMT Dec 12
  • 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 resistance at $1478.50, Nov 30 high, has recently been breached. The short-term outlook remains bullish and the clear break of this hurdle confirms a resumption of the uptrend and opens $1500.00 ahead of resistance at $1519.13, a Fibonacci retracement. On the downside, support to watch lies at 1406.75, the Nov 17 low. A reversal lower and a break of this level would signal scope for a deeper pullback instead.

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