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(H1) Tests The 20-day EMA

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
  • RES 1: $1387.00 - Jan 21 high
  • PRICE: $1353.00 @ 13:53 GMT Jan 22
  • SUP 1: $1339.50 - Intraday low
  • SUP 2: $1301.00 - Jan 4 low
  • SUP 3: $1253.69 - 50-day EMA
  • SUP 4: $1246.25 - Low Dec 29

Soybean futures have extended this week's sell-off and today tested the 20-day EMA at $1342.19. The uptrend has been in overbought territory for some time and current weakness is seen as a corrective pullback allowing an overbought condition to unwind. A clear break of the average would signal scope for a deeper pullback and open the psychological $1300.00 level. On the upside, initial resistance has been defined at $1387.00.

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