Free Trial

(F4) Bearish Outlook

SOY TECHS
  • RES 4: $1441.00 - High Jul 24 and bull trigger
  • RES 2: $1420.00 - High Aug 28
  • RES 1: $1383.00 - High Sep 15
  • RES 1: $1338.75 - High Sep 20
  • PRICE: $1308.00 @ 13:44 BST Oct 24
  • SUP 1: $1265.75 - Low Jun 28
  • SUP 2: $1255.94 - 61.8% retracement of the May 31 - Jul 24 bull leg
  • SUP 3: $1212.19 - 76.4% retracement of the May 31 - Jul 24 bull leg
  • SUP 4: $1176.25 - Low Jun 8

Soybean futures remain above $1270.25, the Oct 11 / 12 low. Recent gains are considered corrective and the trend condition is bearish. Price has recently breached former support at $1292.50, the Aug 8 low, and sights are on $1265.75, the Jun 28 low. A clear break and a close below this level would strengthen the case for bears and open $1212.19, a Fibonacci retracement point. Initial resistance is at $1338.75, the Sep 20 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.