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(H2) Clears Key Resistance

SOY TECHS
  • RES 4: $1385.94 - 76.4% of the Jun - Nov bear cycle
  • RES 3: $1376.25 - High Aug 17
  • RES 2: $1349.06 - 61.8% of the Jun - Nov bear cycle
  • RES 1: $1346.00 - High Aug 25
  • PRICE: $1327.75 @ 13:44 GMT Dec 22
  • SUP 1: $1300.50 - High Nov 17 and the recent breakout level
  • SUP 2: $1243.50 - Low Dec 14
  • SUP 3: $1223.50 - Low Dec 1
  • SUP 4: $1193.00 - Low Nov 9 and a key support

Soybean futures continue to climb higher following yesterday’s gains and the break of resistance at $1300.50, the Nov 17 high. The break effectively reverses the downtrend that started Jun 7 and price has established a bullish sequence of higher highs and higher lows. The focus is on $1349.06, a Fibonacci retracement. On the downside, initial support is seen at $1300.50 ahead of a key level that has been defined at $1243.50, the Dec 14 low.

Energy BulletsCommodities
Energy BulletsCommodities

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