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(H3) Testing Support At The 50-Day EMA

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: $1482.25 @ 13:44 GMT Jan 25
  • SUP 1: $1478.50/65.00 - Intraday low / 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 last week tested resistance at the late Dec high of $1537.50. However, the contract has since pulled back and remains soft. Price has breached the 20-day EMA and attention is on the next key support at $1480.50, the 50-day EMA. The average has been pierced, a clear break would signal a potential top and highlight scope for a deeper pullback. The broader trend remains up - for now. The bull trigger is $1548.50, Jan 18 high.

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