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(H2) Approaching Key Resistance

SOY TECHS
  • RES 4: $137625 - High Aug 17
  • RES 3: $1346.00 - High Aug 25
  • RES 2: $1320.25 - High Sep 16
  • RES 1: $1300.50 - High Nov 17 and the bull trigger
  • PRICE: $1290.75 @ 12:24 GMT Dec 21
  • SUP 1: $1223.25/1181.25 - Low Dec 1
  • SUP 2: $1193.00 Low Nov 9 and the bear trigger
  • SUP 3: $1170.75 - Low Mar 31
  • SUP 4: $1126.00 - Low Feb 11

Soybean futures hold firm and have remained above $1223.50, the Dec 1 low where a break is required to expose the key $1193.00 level, Nov 9 low and bear trigger. Clearance of this latter support would confirm a resumption of the downtrend and open $1170.75, the Mar 31 low. For now, attention is on key short-term resistance at $1300.50, Nov 17 high. This level marks the bull trigger and a break would reverse the downtrend that started on June 7.

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