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(F4) Recent Gains Considered Corrective

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: $1311.50 @ 14:20 BST Oct 31
  • 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.

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