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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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(K1) Still Consolidating

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: $1419.50 @ 12:44 GMT Mar 23
  • SUP 1: $1378.25 - Low Feb 26
  • SUP 2: $1372.06 - 50-day EMA
  • SUP 3: $1336.75 - Low Feb 11
  • SUP 4: $1297.00 - Low Jan 25

Soybean futures are still trading sideways. The contract traded to a fresh high on Mar 8 of $1460.00. This confirmed a resumption of the underlying 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 near-term top and highlight scope for a deeper pullback towards $1336.75, Feb 11 low.

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

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