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(U2) Solid Bounce Into the Close


Bullish Price Structure


Clears Key Support


Retracement Mode


Oil Supply Constraints Trump Lower Demand


Pullback Considered Corrective

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(H1) Bullish Theme Remains Intact

  • RES 4: $1407.56 - 1.618 proj of Oct 29 Nov 25 rally from Dec 2 low
  • RES 3: $1400.00 - Psychological round number
  • RES 2: $1388.25 - 1.500 proj of Oct 29 Nov 25 rally from Dec 2 low
  • RES 1: $1378.25 - High Jan 6
  • PRICE: $1374.00 @ 13:12 GMT Jan 8
  • SUP 1: $1266.82 - 20-day EMA
  • SUP 2: $1246.25 - Low Dec 29
  • SUP 3: $1200.25 - High Nov 25 and former breakout level
  • SUP 4: $1166.50 - Low Dec 14

Soybean futures outlook remains bullish with the contract holding onto recent gains. Last month's clearance of key resistance at $1200.25, Nov 25 high and a bull trigger, confirmed a resumption of the primary uptrend, maintaining a bullish price sequence of higher highs and higher lows. The focus is on $1388.25 next, a Fibonacci projection. On the downside, key trend support has been defined at $1143.00, Dec 2 low. Initial firm support is at $1266.82.

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