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(K2) Corrective Pullback

SOY TECHS
  • RES 4: $1789.00 High Sep 2012 (cont)
  • RES 3: $1700.00 Round number resistance
  • RES 2: $1667.50 - High May 2021 (cont)
  • RES 1: $1634.50 - High Feb 10
  • PRICE: $1567.00 @ 12:36 GMT Feb 16
  • SUP 1: $1514.00/1432.00 - 20-day EMA / 50-day EMA
  • SUP 2: $1359.50 - Low Jan 18
  • SUP 3: $1344.50 - Low Dec 30
  • SUP 4: $1308.50 - High Nov 17 and the recent breakout level

Soybean futures have pulled back from their recent highs. The trend condition though remains bullish. Recent gains maintain the bullish price sequence of higher highs and higher lows that defines an uptrend. Moving average conditions also remain in bull mode, highlighting current sentiment. Attention is on the 2021 high of $1667.50. The 20-day EMA at $1514.00, marks initial support. Short-term pullbacks would be considered corrective.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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