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(H3) Support Remains Intact

SOY TECHS
  • 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: $1518.00 @ 13:44 GMT Jan 27
  • 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 have found support just below the 50-day EMA and Wednesday’s $1478.25 low marks a key S/T support. A break of this level would signal scope for a deeper retracement and confirm a breach of the 50-day EMA, at 1483.006. Recent weakness appears to be a correction and the primary uptrend is intact. A continuation higher would refocus attention on $1548.50, the Jan 18 high. A break of this level resumes the uptrend.

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