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(F4) Testing Trendline Resistance

SOY TECHS
  • RES 4: $1441.00 - High Jul 24 and bull trigger
  • RES 2: $1420.00 - High Aug 28
  • RES 1: $1398.00 - High Sep 6
  • RES 1: $1382.25 - Intraday high
  • PRICE: $1378.25 @ 13:44 GMT Nov 8
  • SUP 1: $1326.38/1297.50-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 continue to appreciate and extend the rally that started from $1270.25, the Oct 11 / 12 low. Last week’s gains resulted in a breach of resistance at $1338.75 and this week’s climb has resulted in a test of $1377.19, trendline resistance drawn from the Jul 24 high and the next key hurdle for bulls. A clear break of it would strengthen bullish conditions. Initial firm support has been defined at $1297.50, the Oct 25 low.

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Energy BulletsCommodities

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