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(H1)Trading Within its Consolidative Range

SOY TECHS
  • RES 4: $1220.56 - 3.236 proj of Oct 12 - 27 rally from Nov 2 low
  • RES 3: $1208.50 - High Jun 10. 2016 and a major resistance
  • RES 2: $1200.25 - Round number resistance area and high Nov 25
  • RES 1: $1182.50 - High Dec 10
  • PRICE: $1169.75 @ 12:44 GMT Dec 15
  • SUP 1: $1143.00 - Low Dec 2 and key near-term support
  • SUP 2: $1124.31 - Trendline support drawn off the Aug 12 low
  • SUP 3: $1112.69 - 50-day EMA
  • SUP 4: $1105.50 - Low Nov 10

Soybean futures are firmer but still trading within a consolidative range. A corrective bearish cycle is seen dominating near-term. Attention is on the next support at $1143.00, Dec 2 low where a break would pave the way for an extension lower towards trendline support at $1124.31. The trendline is drawn off the Aug 12 low. On the upside, key resistance has been defined at $1200.25, Nov 25 high. A break would reinstate a bullish theme.

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