Free Trial

(K2) Eyeing Key Resistance

  • 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: $1711.25 @ 14:15 GMT Mar 24
  • SUP 1: $1638.00 - Low Mar 15
  • SUP 2: $1581.13/46.25 - 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 have traded higher this week 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.

To read the full story

Why Subscribe to


MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.