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(H1) Clears Key Resistance

SOY TECHS
  • RES 4: $1267.94 - Low Low Nov 2013
  • RES 3: $1244.06 - 0.618 proj of Oct 29 - Nov 25 from Dec 2 low
  • RES 2: $1224.75 - 0.50 proj of Oct 29 - Nov 25 from Dec 2 low
  • RES 1: $1221.00 - Intraday high
  • PRICE: $1214.25 @ 13:17 GMT Dec 18
  • SUP 1: $1166.50 - Low Dec 14
  • SUP 2: $1143.00 - Low Dec 2 and key near-term support
  • SUP 3: $1132.88 - Trendline support drawn off the Aug 12 low
  • SUP 4: $1121.94 - 50-day EMA

Soybean futures have cleared key resistance at $1200.25, Nov 25 high and the bull trigger. The break confirms the end of the recent corrective phase and highlights a resumption of the primary uptrend. This opens $1224.75 and $1244.06 next, both Fibonacci projections. 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.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com