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2Y Midcurve Upside Skew


Just Keeping To 2x50bp Fed Hikes Fully Priced


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(K1) Weaker But Still In A Range

  • 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: $1385.00 @ 13:44 GMT Mar 30
  • SUP 1: $1377.31/25 - 50-day EMA / Low Feb 26
  • SUP 2: $1368.00 - Low Feb 19
  • SUP 3: $1336.75 - Low Feb 11
  • SUP 4: $1297.00 - Low Feb 25

Soybean futures are softer but remain in a range. The contract touched $1460.00 on Mar 8. The 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.

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