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(H3) Trend Needle Points North

SOY TECHS
  • RES 4: $1572.25 - High Jun 9 and the key resistance
  • RES 3: $1545.75 - High Jun 17
  • RES 2: $1508.00 - High Sep 15 and a key resistance
  • RES 1: $1497.25 - High Dec 9
  • PRICE: $1486.50 @ 13:44 GMT Dec 21
  • SUP 1: $1412.75 - Low Nov 17
  • SUP 2: $1371.00 - Low Oct 6
  • SUP 3: $1299.00 - Low Jul 22 and bear trigger
  • SUP 4: $1266.50 - Low Jan 12

Soybean futures resistance at $1484.00, the Nov 30 high, has recently been breached. The short-term outlook remains bullish and the clear break of this hurdle confirms a resumption of the current uptrend that opens $1500.00 ahead of resistance at $1508.00, the Sep 13 high. On the downside, support to watch lies at 1412.75, the Nov 17 low. A reversal lower and a break of this level would signal scope for a deeper pullback instead.

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