Free Trial

(H1) Needle Still Points North

SOY TECHS
  • 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: $1352.50 @ 11:15 GMT Jan 7
  • SUP 1: $1259.75 - 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 and the contract traded higher yesterday. 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 $1259.75.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.