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(H1) Consolidating But Needle Still Points North

SOY TECHS
  • RES 4: $1508.56 - 2.236 proj of Oct 29 - Nov 25 rally from Dec 2 low
  • RES 3: $1500 00 - Round number resistance
  • RES 2: $1470.00 - 2.00 proj of Oct 29 - Nov 25 rally from Dec 2 low
  • RES 1: $1436.50 - High Jan 13
  • PRICE: $1421.50 @ 13:44 GMT Jan 15
  • SUP 1: $1342.00 - Low Jan 7
  • SUP 2: $1321.81 - 20-day EMA
  • SUP 3: $1301.00 - Jan 4 low
  • SUP 4: $1246.25 - Low Dec 29

Soybean futures are consolidating. The outlook though remains bullish. The contract traded higher Wednesday extending this year's climb. Last month's clearance of $1200.25, Nov 25 high and a former bull trigger, confirmed a resumption of the primary uptrend. This maintains a bullish price sequence of higher highs and higher lows, reinforcing the uptrend. The focus is on $1470.00 next, a Fibonacci projection.

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