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(K1) Range Bound

SOY TECHS
  • RES 4: $1514.44 - 2.236 proj of Oct 29 - Nov 25 rally from Dec 2 low
  • RES 3: $1500.00 - Round number resistance
  • RES 2: $1475.00 - 2.00 proj of Oct 29 - Nov 25 rally from Dec 2 low
  • RES 1: $1460.00 - High Mar 8 and the bull trigger
  • PRICE: $1417.50 @ 14:07GMT Mar 25
  • SUP 1: $1378.25 - Low Feb 26
  • SUP 2: $1376.38 - 50-day EMA
  • SUP 3: $1368.00 - Low Feb 19
  • SUP 4: $1336.75 - Low Feb 11

Soybean futures are unchanged and in a range. The contract touched $1460.00 on Mar 8. This climb confirmed a resumption of the uptrend with futures extending the bullish price sequence of higher highs and higher lows. Scope is seen for gains towards $1475.00, a Fibonacci projection. On the downside, weakness through $1378.25 would signal a short-term top and highlight scope for a pullback towards $1336.75, Feb 11 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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