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(K1) Giving Up Gains

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
  • RES 1: $1434.69 - 3.0% 10-dma Envelope
  • PRICE: $1403.50 @ 15:06 GMT Feb 26
  • SUP 1: $1336.75 - Low Feb 11
  • SUP 2: $1313.94 - 50-day EMA
  • SUP 3: $1297.00 - Low Jan 25
  • SUP 4: $1278.75 - Dec 30 low

Soybean futures gave up recent gains into the Thursday close before stabilising somewhat Friday. The cyclical uptrend in commodities continues to prevent any protracted downside. Prices trade either side of the $1400 handle but the bullish focus remains intact with key support defined at the Jan 25 low of $1297.00. While price remains above this level, attention is on the key resistance and bull trigger at $1433.00, Jan 14 high where a break would resume the underlying uptrend. A move below $1297.00 would instead signal a broader top. Initial support is at $1336.75.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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