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(H4) Southbound

SOY TECHS
  • RES 4: $1410.75 - High Nov 15
  • RES 3: $1360.00 - High Dec 12
  • RES 2: $1323.00 - 50-day EMA
  • RES 1: $1300.50 - 20-day EMA
  • PRICE: $1246.75 @ 13:44 GMT Jan 09
  • SUP 1: $1233.75 - Low Jun 14
  • SUP 2: $1212.06 - 76.4% retracement of the May 31 - Jul 24 bull leg
  • SUP 3: $1175.25 - Low Jun 8
  • SUP 4: $1145.25 - Low May 31 and a key support

The downtrend in Soybean futures remains intact - last week’s move lower and yesterday’s extension, reinforce bearish conditions. The contract has traded through $1253.38, 61.8% of the May - Jul impulsive bull run. This signals scope for weakness towards $1212.06, the 76.4% retracement point. Moving average studies are in a bear mode position, highlighting a downtrend. Initial firm resistance is seen at $1300.50, the 20-day EMA.

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