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(H2) Defying Gravity

SOY TECHS
  • RES 4: $1571.38 - 3.382 proj of the Nov 9 - 17 - Dec 1 price swing
  • RES 3: $1546.00 - 3.00 proj of the Nov 9 - 17 - Dec 1 price swing
  • RES 2: $1520.63 - 2.764 proj of the Nov 9 - 17 - Dec 1 price swing
  • RES 1: $1503.50 - Intraday high
  • PRICE: $1501.75 @ 13:44 GMT Feb 1
  • SUP 1: $1406.75/1382.50 - 20-day EMA / Low Jan 24
  • SUP 2: $1349.75 - Low Jan 18
  • SUP 3: $1334.50 - Low Dec 30
  • SUP 4: $1300.50 - High Nov 17 and the recent breakout level

Soybean futures continue to defy gravity and the contract is through the 1500.00 handle. The extension maintains the bullish price sequence of higher highs and higher lows that defines an uptrend. Furthermore, moving average conditions also remain in bull mode, highlighting the current sentiment. Scope is seen for a climb towards $1520.63 next, a Fibonacci projection. The Support is seen at $1406.75, the 20-day EMA.

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