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(K1) Remains Firm

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: $1426.50 - High Feb 24
  • PRICE: $1414.25 @ 15:02 GMT Feb 24
  • 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 remain on the front foot, benefiting from the broader global commodity rally. Bulls now look to build a base above the $1400 handle and 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.

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