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(H3) Trades Above Key Resistance

SOY TECHS
  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1572.25 - High Jun 9 and the key resistance
  • RES 2: $1545.75 - High Jun 17
  • RES 1: $1522.75 - High Dec 27
  • PRICE: $1512.50 @ 11:16 GMT Dec 29
  • SUP 1: $1557.81 - 50-day EMA
  • SUP 2: $1412.75 - Low Nov 17
  • SUP 3: $1371.00 - Low Oct 6
  • SUP 4: $1299.00 - Low Jul 22 and bear trigger

Soybean futures resistance at $1508.00, the Sep 15 high, has recently been pierced. The short-term outlook remains bullish and a clear break of this hurdle would confirm a resumption of the broader uptrend that started on Jul 22. This would open $1545.75 next, the Jun 17 high. On the downside, support to watch lies at $1457.81, the 50-day EMA. A break of this average would signal a potential short-term top.

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