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(H4) Bearish Trend Sequence

SOY TECHS
  • RES 4: $1410.75 - High Nov 15
  • RES 3: $1360.00 - High Dec 12
  • RES 2: $1277.50 - 50-day EMA
  • RES 1: $1247.50 - High Jan 25 and key resistance
  • PRICE: $1208.00 @ 13:44 GMT Feb 1
  • SUP 1: $1187.75 - Low Jan 30 and the bear trigger
  • 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 and recent short-term gains have proved to be a correction. On Tuesday, the contract breached support at $1201.00, the Jan 18 low. The break confirms a resumption of the downtrend and opens $1175.25, Jun 8 low. Moving average studies remain in a bear mode position, highlighting a clear downtrend. Initial firm resistance has been defined at $1247.50, the Jan 25 high.

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