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(H3) Trend Needle Points North

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
  • PRICE: $1519.00 @ 13:44 GMT Jan 19
  • SUP 1: $1477.19/65.00 - 50-day EMA / 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 tested resistance at the late Dec high of $1537.50. The trend condition remains bullish and the recent breach of resistance at $1508.00, the Sep 13 high, confirmed a resumption of the broader uptrend that started on Jul 22 last year. This opens $1572.25 next, the Jun 9 high. Support to watch lies at $1477.19, the 50-day EMA. A clear break of the average would signal a potential top.

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