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(K2) Accelerates Higher

SOY TECHS
  • RES 4: $1821.25 1.00 proj of the Jan 18 - Feb 10 - 15 price swing
  • RES 3: $1800.00 Round number resistance
  • RES 2: $1789.00 High Sep 2012 (cont)
  • RES 1: $1759.25 - Intraday high
  • PRICE: $1697.25 @ 14:32 GMT Feb 24
  • SUP 1: $1634.25 - High Feb 10
  • SUP 2: $1546.25/1470.25 - Low Feb 15 / 50-day EMA
  • SUP 3: $1359.50 - Low Jan 18
  • SUP 4: $1344.50 - Low Dec 30

Soybean futures have continued higher again today and futures have cleared the 1700.00 handle. This once again confirms a resumption of the underlying uptrend and marks an extension of the bullish price sequence of higher highs and higher lows. Note too that moving average conditions also remain in a bull mode. Attention is on the 1800.00 level. Key short-term support has been defined at $1546.25, the Feb 15 low.

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