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(K2) Consolidation Mode

SOY TECHS

SOYBEAN 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: $1688.75 @ 14:06 GMT Mar 22
  • SUP 1: $1634.50 - Low Mar 4
  • 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 remain inside its recent range. The contract rallied to a high of $1759.25 on Feb 24 before giving back its gains. That day's candle pattern is a shooting star reversal and remains relevant - suggesting potential for a deeper corrective pullback near-term and this would allow an overbought condition to unwind. Key short-term support has been defined at $1546.25, the Feb 15 low. The bull trigger is unchanged at $1759.25.

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