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(F4) Pullback Appears To Be A Correction

SOY TECHS
  • RES 4: $1451.56 - 0.764 proj of the May 31 - Jun 21 - 28 price swing
  • RES 2: $1441.00 - High Jul 24 and bull trigger
  • RES 1: $1420.00 - High Aug 28
  • RES 1: $1398.50 - High Nov 13
  • PRICE: $1321.50 @ 13:44 GMT Dec 4
  • SUP 1: $1297.50 - 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

A short-term uptrend in Soybean futures remains intact despite the recent pullback, which appears to be a correction. Recent gains resulted in a breach of $1338.75, the Sep 20 high, and this was followed by a break of trendline resistance drawn from the Jul 24 high. The break of the line strengthens bullish conditions and a resumption of gains would open $1420.00, the Aug 28 high. Key support lies at $1270.25, the Oct 11 / 12 low.

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