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(H3) Resistance Remains Exposed

SOY TECHS
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  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1580.00 - 1.00 proj of the Jun 22 - Sep 13 - Oct 6 price swing
  • RES 2: $1572.25 - High Jun 9, 2022 and the key resistance
  • RES 1: $1548.50 - High Jan 18 and the bull trigger
  • PRICE: $1530.00 @ 13:44 GMT Feb 3
  • SUP 1: $1478.25/65.00 - Low Jan 25 / Low Jan 5
  • SUP 2: $1412.75 - Low Nov 17
  • SUP 3: $1371.00 - Low Oct 6
  • SUP 4: $1299.00 - Low Jul 22, 2022

Soybean futures maintain a firmer tone. The contract found support recently just below the 50-day EMA and $1478.25, the Jan 25 low, marks a key short-term support. A break of this level would signal scope for a deeper retracement and confirm a breach of the 50-day EMA, at 1491.13. The primary uptrend remains intact. A continuation higher would expose $1548.50, Jan 18 high and bull trigger. A break resumes the uptrend.

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  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1580.00 - 1.00 proj of the Jun 22 - Sep 13 - Oct 6 price swing
  • RES 2: $1572.25 - High Jun 9, 2022 and the key resistance
  • RES 1: $1548.50 - High Jan 18 and the bull trigger
  • PRICE: $1530.00 @ 13:44 GMT Feb 3
  • SUP 1: $1478.25/65.00 - Low Jan 25 / Low Jan 5
  • SUP 2: $1412.75 - Low Nov 17
  • SUP 3: $1371.00 - Low Oct 6
  • SUP 4: $1299.00 - Low Jul 22, 2022

Soybean futures maintain a firmer tone. The contract found support recently just below the 50-day EMA and $1478.25, the Jan 25 low, marks a key short-term support. A break of this level would signal scope for a deeper retracement and confirm a breach of the 50-day EMA, at 1491.13. The primary uptrend remains intact. A continuation higher would expose $1548.50, Jan 18 high and bull trigger. A break resumes the uptrend.