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(K1) Bullish Conditions Remain Intact

SOY TECHS
  • RES 4: $1514.44 - 2.236 proj of Oct 29 - Nov 25 rally from Dec 2 low
  • RES 3: $1475.00 - 2.00 proj of Oct 29 - Nov 25 rally from Dec 2 low
  • RES 2: $1445.75 - High Feb 25 and the bull trigger
  • RES 1: $1439.81 - 3.0% 10-dma Envelope
  • PRICE: $1404.25 @ 13:40 GMT Mar 3
  • SUP 1: $1338.25 - 50-day EMA
  • SUP 2: $1336.75 - Low Feb 11
  • SUP 3: $1297.00 - Low Jan 25
  • SUP 4: $1278.75 - Dec 30 low

Soybean futures are unchanged and continue to find support below the 20-day EMA. The Feb 26 low of $1378.25 marks a key near-term support. The underlying bull trend remains intact with the bull trigger at $1445.75, Feb 25 high. A break would confirm a resumption of the trend and open $1475.00, a Fibonacci projection. On the downside, weakness through $1378.25 would signal scope for a deeper pullback and expose $1336.75, the Feb 11 low.

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