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(H2) Corrective Cycle

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 and the bull trigger
  • PRICE: $1354.50 @ 12:55 GMT Jan 18
  • SUP 1: $1352.00/34.50 - Intraday low / Low Dec 30
  • SUP 2: $1320.81 - 50-day EMA
  • SUP 3: $1300.50 - High Nov 17 and the recent breakout level
  • SUP 4: $1243.50 - Low Dec 14

Soybean futures remain in an uptrend however for now, the contract appears to have entered a corrective cycle. Futures have dipped below the 20-day EMA and this signals scope for a move lower towards $1334.50, the Dec 30 low. Note too that the 50-day EMA as support, intersects at $1320.81. For bulls, a resumption of strength would refocus attention on the key resistance and bull trigger at $1415.00, Jan 7 high.

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