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(H2) Bullish Outlook Intact

SOY TECHS
  • RES 4: $1500.00 - Psychological round number
  • RES 3: $1445.50 - High Jun 7, 2020 and a major resistance
  • RES 2: $1436.75 - High Jun 11, 2020
  • RES 1: $1415.00 - High Jan 7
  • PRICE: $1379.00 @ 13:44 GMT Jan 14
  • SUP 1: $1357.25/34.50 - 20-day EMA / Low Dec 30
  • SUP 2: $1300.50 - High Nov 17 and the recent breakout level
  • SUP 3: $1243.50 - Low Dec 14
  • SUP 4: $1223.50 - Low Dec 1

Soybean futures remain in an uptrend and recent dips are considered corrective. A bullish theme follows last month's break of $1300.50, Nov 17 high. The move through this level confirmed a bullish price sequence of higher highs and higher lows. $1399.50, the Jul 19 high has recently been breached and this opens $1436.75, Jun 11 high. Key short-term support is unchanged at $1334.50, the Dec 30 low. A break would threaten the trend.

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