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(H4) Trend Needle Points South

SOY TECHS
  • RES 4: $1410.75 - High Nov 15
  • RES 3: $1360.00 - High Dec 12
  • RES 2: $1252.81 - 50-day EMA
  • RES 1: $1247.50 - High Jan 25 and key resistance
  • PRICE: $1193.25 @ 13:44 GMT Feb 13
  • SUP 1: $1179.25 - Low Feb 7
  • 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 the contract is trading just above its recent lows. Fresh cycle lows last week once again confirm an extension of the downtrend. Sights are on $1175.25, the 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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