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(K1) Bullish Focus

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: $1460.00 - High Mar 8 and the bull trigger
  • RES 1: $1456.25 - Apr 1 high
  • PRICE: $1387.50 @ 13:44 BST Apr 13
  • SUP 1: $1364.25 - Low Mar 30 and key near-term support
  • SUP 2: $1336.75 - Low Feb 11
  • SUP 3: $1297.00 - Low Feb 25
  • SUP 4: $1244.00 - Low Dec 29

Soybean futures have dipped lower. The outlook though remains bullish. The contract rallied Mar 31 and this has defined a key S/T support at $1364.25, Mar 30 low and, it means the 50-day EMA as an area of support has remained intact. Attention is on $1460.00, Mar 8 high where a break would confirm a resumption of the uptrend. This would open $1475.00, a Fibonacci projection. For bears, sub $1364.25 levels would signal a correction.

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