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(F4) Trading Closer To Its Recent Highs

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: $1386.00 - High Nov 13
  • PRICE: $1379.75 @ 13:44 GMT Nov 14
  • SUP 1: $1333.25/1297.50-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 remain firm and the contract is trading at its recent highs. Recent gains have resulted in a breach of $1338.75 and this has resulted in a test of $1373.81, trendline resistance drawn from the Jul 24 high and the next key hurdle for bulls. A clear break of the line would strengthen bullish conditions and open $1420.00, the Aug 28 high. Initial firm support is at $1333.25, the 50-day EMA.

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