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(H1) Probes $1400.00

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: $1405.25 - Intraday high
  • PRICE: $1400.00 @ 13:44 GMT Feb 9
  • SUP 1: $1335.50 - Low Jan 29
  • SUP 2: $1298.00 - Low Jan 25
  • SUP 3: $1295.56 - 50-day EMA
  • SUP 4: $1280.00 - Dec 30 low

Soybean futures have edged higher and probed $1400.00. The contract found support Jan 25 at $1298.00. This level represents a key short-term support. While price remains above it, the outlook is bullish and with $1400.00 probed, attention turns to the key resistance and bull trigger at $1436.50, Jan 13 high. Clearance of this level would confirm a resumption of the underlying uptrend. A move below $1298.00 would signal a top.

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