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(F4) Approaching Trendline Resistance

SOY TECHS
  • RES 4: $1441.00 - High Jul 24 and bull trigger
  • RES 2: $1420.00 - High Aug 28
  • RES 1: $1378.00 - Trendline resistance drawn from the Jul 24 high
  • RES 1: $1369.75 - High Nov 6
  • PRICE: $1366.25 @ 13:44 GMT Nov 7
  • SUP 1: $1321.63/1297.50 - 20-day EMA / Low Oct 25
  • SUP 2: $1270.25/65.75 - Low Oct 11/12 / Low Jun 28
  • SUP 3: $1255.94 - 61.8% retracement of the May 31 - Jul 24 bull leg
  • SUP 4: $1212.19 - 76.4% retracement of the May 31 - Jul 24 bull leg

Soybean futures are trading at recent highs and remain above $1270.25, the Oct 11 / 12 low. Last week’s gains resulted in a breach of resistance at $1338.75. The break higher signals scope for an extension towards $1378.00, trendline resistance drawn from the Jul 24 high and the next key resistance. Initial firm support has been defined at $1297.50, the Oct 25 low. A break would expose the bear trigger at $1270.25, the Oct 11 / 12 low.

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