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(K1) Key Support 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: $1436.50 - High Jan 19 and the bull trigger
  • RES 1: $1406.75 - High Feb 9
  • PRICE: $1368.75 @ 13:44 GMT Feb 12
  • SUP 1: $1333.75 - Low Jan 29
  • SUP 2: $1302.56 - 50-day EMA
  • SUP 3: $1297.00 - Low Jan 25
  • SUP 4: $1278.75 - Dec 30 low

Soybean futures probed $1400.00 Tuesday and Wednesday but failed to hold above this level and sold off Wednesday. Despite the pullback, a bullish focus remains intact with key support defined at the Jan 25 low of $1297.00. While price remains above this level, the focus is on the key resistance and bull trigger at $1433.00, Jan 14 high. Clearance of this level would resume the underlying uptrend. A move below $1297.00 would instead signal a top.

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