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(K2) Approaching The Bull Trigger

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 - High Feb 24 and the bull trigger
  • PRICE: $1731.00 @ 13:51 GMT Mar 23
  • SUP 1: $1638.00 - Low Mar 15
  • SUP 2: $1570.56/46.25 - 50-day EMA / Low Feb 15 and key support
  • SUP 3: $1390.25 - Low Jan 24
  • SUP 4: $1359.50 - Low Jan 18

Soybean futures are trading higher today and price is again above the 1700.00 handle. The contract needs to clear resistance at $1759.25, the Feb 24 high, to confirm a resumption of the underlying uptrend and confirm the end of the recent correction. This would pave the way for a test of the 1800.00 level. Initial support has been defined at $1638.00, Mar 15 low. A break would signal scope for a deeper pullback.

Energy BulletsCommodities
Energy BulletsCommodities

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