Free Trial

(H3) Uptrend Continues to Fade - Modestly

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: $1553.25 - High Feb 10 and bull trigger
  • PRICE: $1516.25 @ 12:02 GMT Feb 16
  • SUP 1: $1478.25/1465.00 - 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

The uptrend in Soybean futures continues to fade, albeit at a modest pace. The contract found support recently just below the 50-day EMA and $1478.25, the Jan 25 low, marks a key short-term support. A break of this level would signal scope for a deeper retracement and confirm a breach of the 50-day EMA, at 1496.63. The continuation higher resulted in a break of $1548.50, the Jan 18 high, putting prices on track to test key resistance at 1572.25.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.