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(H1) Uptrend Extends Once Again

SOY TECHS
  • RES 4: $1306.50 - 1.00 proj of Oct 29 Nov 25 rally from Dec 2 low
  • RES 3: $1300.00 - Psychological round number
  • RES 2: $1287.63 - 50.0% retracement of the 2012 -19 downleg (cont)
  • RES 1: $1280.50 - High Dec 28
  • PRICE: $1253.50 @ 12:35 GMT Dec 29
  • SUP 1: $1241.00 - Low Dec 22
  • SUP 2: $1205.63 - 20-day EMA
  • SUP 3: $1200.25 - High Nov 25 and former breakout level
  • SUP 4: $1166.50 - Low Dec 14

Soybean futures outlook remains bullish and traded higher again yesterday. The recent clearance of key resistance at $1200.25, Nov 25 high and a bull trigger confirmed a resumption of the primary uptrend. Last week's continued strength reinforces bullish sentiment with the focus on 1300.00 next. On the downside, key support has been defined at $1143.00, Dec 2 low. Initial firm support is at $1200.25.

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