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(H1) Attention Is On Key Resistance

SOY TECHS
  • RES 4: $1255.00 - Low Low Nov 2013
  • RES 3: $1220.56 - 3.236 proj of Oct 12 - 27 rally from Nov 2 low
  • RES 2: $1208.50 - High Jun 10, 2016 and a major resistance
  • RES 1: $1200.25 - Round number resistance area and high Nov 25
  • PRICE: $1186.50 @ 12:44 GMT Dec 17
  • SUP 1: $1166.50 - Low Dec 14
  • SUP 2: $1143.00 - Low Dec 2 and key near-term support
  • SUP 3: $1130.00 - Trendline support drawn off the Aug 12 low
  • SUP 4: $1118.50 - 50-day EMA

Soybean futures focus is on key resistance at $1200.25, Nov 25 high and the bull trigger. A break of this hurdle would confirm the end of the recent corrective phase and signal a resumption of the primary uptrend. This would open $1208.50 initially, Jun 10 high, 2016 and a major resistance. On the downside, key support has been defined at $1143.00, Dec 2 low where a break is required to threaten the current bullish phase.

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