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(K2) Key Resistance Remains Exposed

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: $1607.75 @ 13:44 GMT Feb 22
  • SUP 1: $1538.56/1454.94 - 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 remain above recent lows and price is nearing first key resistance at 1634.50. This keeps the underlying trend condition bullish. 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 $1538.56, marks initial support. Short-term pullbacks would be considered corrective.

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