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(H2) Recovers From Tuesday’s Low

  • 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: $1395.75 @ 13:44 GMT Jan 20
  • SUP 1: $1349.75/34.50 - Low Jan 18 / Low Dec 30
  • SUP 2: $1325.13 - 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. The contract found support Tuesday at $1349.75 and is approaching the 1400.00 handle. A continuation higher would expose the key resistance and bull trigger at $1415.00, Jan 7 high. A break of this hurdle would confirm a resumption of the underlying uptrend and open $1436.75, the Jun 11 2020 high. Key support is at $1349.75, a break of this level would reinstate a bearish threat.

MNI London Bureau | +44 203-586-3805 |

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