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(H1) Uptrend Extension

SOY TECHS
  • RES 4: $1388.25 - 1.500 proj of Oct 29 Nov 25 rally from Dec 2 low
  • RES 3: $1368.94 - 1.382 proj of Oct 29 Nov 25 rally from Dec 2 low
  • RES 2: $1345.06 - 1.236 proj of Oct 29 Nov 25 rally from Dec 2 low
  • RES 1: $1336.25 - High Aug 2014 (cont)
  • PRICE: $1316.50 @ 06:45 GMT Dec 31
  • SUP 1: $1246.25 - Low Dec 29
  • SUP 2: $1222.44 - 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 the contract continues to trade higher. The recent clearance of key resistance at $1200.25, Nov 25 high and a bull trigger, confirmed a resumption of the primary uptrend, maintaining a price sequence of higher highs and higher lows. The focus is on 1336.25 next, the Aug 2014 high. On the downside, key trend support has been defined at $1143.00, Dec 2 low. Initial firm support is at $1200.25.

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