Free Trial

(H2) Bullish Extension

SOY TECHS
  • RES 4: $1500.00 - Psychological round number
  • RES 3: $1479.56 - 2.382 proj of the Nov 9 - 17 - Dec 1 price swing
  • RES 2: $1463.88 - 2.236 proj of the Nov 9 - 17 - Dec 1 price swing
  • RES 1: $1449.25 - Intraday high
  • PRICE: $1439.25 @ 14:38 GMT Jan 27
  • SUP 1: $1382.50 - Low Jan 24
  • SUP 2: $1349.75 - Low Jan 18
  • SUP 3: $1334.50/1341.88 - Low Dec 30 / 50-day EMA
  • SUP 4: $1300.50 - High Nov 17 and the recent breakout level

The Soybean futures trend condition remains bullish. The contract found support on Jan 18 at $1349.75 and the Jan 20 acceleration higher resulted in a break of resistance at $1415.00, Jan 7 high. The break of this hurdle confirmed a resumption of the underlying uptrend. Strength yesterday has again reinforced bullish conditions and paved the way for a climb towards $1463.88, a Fibonacci projection. Support has been defined at $1382.50.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.