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(H4) Bearish Conditions Intact

SOY TECHS
  • RES 4: $1410.75 - High Nov 15
  • RES 3: $1360.00 - High Dec 12
  • RES 2: $1310.13 - 50-day EMA
  • RES 1: $1279.06 - 20-day EMA
  • PRICE: $1235.25 @ 13:44 GMT Jan 16
  • SUP 1: $1203.00 - Low Jan 12
  • SUP 2: $1175.25 - Low Jun 8
  • SUP 3: $1145.25 - Low May 31 and a key support
  • SUP 4: $1100.00 - Psychological round number

The downtrend in Soybean futures remains intact - last week’s extension reinforces bearish conditions. The contract has traded through $1253.38, 61.8% of the May - Jul impulsive bull run and pierced $1212.06, the 76.4% retracement point. A continuation lower would open $1175.25, the Jun 8 2023 low. Moving average studies are in a bear mode position, highlighting a downtrend. Initial firm resistance is seen at $1279.06, the 20-day EMA.

Energy BulletsCommodities
Energy BulletsCommodities

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