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(H1) Consolidating But Remains Bullish

SOY TECHS
  • RES 4: $1508.56 - 2.236 proj of Oct 29 - Nov 25 rally from Dec 2 low
  • RES 3: $1470.00 - 2.00 proj of Oct 29 - Nov 25 rally from Dec 2 low
  • RES 2: $1436.50 - High Jan 19 and the bull trigger
  • RES 1: $1394.75 - High Jan 27
  • PRICE: $1373.75 @ 13:44 GMT Feb 8
  • SUP 1: $1298.00 - Low Jan 25
  • SUP 2: $1291.81 - 50-day EMA
  • SUP 3: $1280.00 - Dec 30 low
  • SUP 4: $1246.25 - Low Dec 29

Soybean futures continue to consolidate. The contract found support Jan 25 at $1298.00. A bullish outlook remains intact following the Jan 27 breach of resistance at $1387.00, Jan 21 high. The break exposes $1400.00 and if price trades through this level, resistance at $1436.50, Jan 13 high would be left exposed. The latter is the bull trigger for a resumption of the uptrend. Key short term support has been defined at $1298.00, Jan 25 low.

Energy BulletsCommodities
Energy BulletsCommodities

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