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(H1) Uptrend Intact

SOY TECHS
  • RES 4: $1287.63 - 50.0% retracement of the 2012 -19 downleg (cont)
  • RES 3: $1255.94 - Low Nov 2013
  • RES 2: $1244.06 - 0.618 proj of Oct 29 - Nov 25 from Dec 2 low
  • RES 1: $1236.00 - Intraday high
  • PRICE: $1219.25 @ 13:19 GMT Dec 21
  • SUP 1: $1200.25 - High Nov 25 and former breakout level
  • SUP 2: $1172.63 - 20-day EMA
  • SUP 3: $1166.50 - Low Dec 14
  • SUP 4: $1143.00 - Low Dec 2 and key near-term support

Soybean futures last week cleared key resistance at $1200.25, Nov 25 high and a bull trigger. The break confirms the end of the recent corrective phase and highlights a resumption of the primary uptrend. This opens $1244.06 next, a Fibonacci projection. On the downside, key support has been defined at $1143.00, Dec 2 low where a break is required to threaten the current bullish phase. Initial firm support is at $1200.25.

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