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(H2) Fades Off Highs

SOY TECHS
  • RES 4: $1385.94 - 76.4% of the Jun - Nov bear cycle
  • RES 3: $1384.50 - High Dec 28
  • RES 2: $1372.75 - 2.0% Upper Bollinger Band
  • RES 1: $1361.06 - 3.0% 10-dma Envelope
  • PRICE: $1340.75 @ 11:35 GMT Dec 31
  • 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 maintain a bullish tone, although have faded off recent highs. Nonetheless, Soy holds close to the best levels since mid-July. This reverses the downtrend that started Jun 7 and price has established a bullish sequence of higher highs and higher lows. The focus is on $1385.94, 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.

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