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(H2) Maintains A Bullish Tone

SOY TECHS
  • RES 4: $1436.75 - High Jun 11
  • RES 3: $1399.50 - High Jul 19
  • RES 2: $1387.81 - 2.0% Upper Bollinger Band
  • RES 1: $1384.50 - High Dec 28
  • PRICE: $1360.75 @ 13:44 GMT Jan 4
  • SUP 1: $1334.50 - 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 maintain a bullish tone with a key short-term support defined at $1334.50, the Dec 30 low. A bullish theme follows last month's break of $1300.50, Nov 17 high. The move through this level highlighted a bullish price sequence of higher highs and higher lows and MA conditions have also turned positive. The focus is on $1399.50, Jul 19 high and a key resistance. Price needs to trade back below $1300.50 to threaten the trend.

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