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(K2) Resumes Its Uptrend

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: $1653.50 - Intraday high
  • PRICE: $1648.75 @ 13:44 GMT Feb 23
  • SUP 1: $1546.25/1469.25 - Low Feb 15 / 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 cleared resistance at 1634.50, the Feb 10 high to confirm a resumption of the underlying uptrend. This marks an extension of the bullish price sequence of higher highs and higher lows and note too that moving average conditions also remain in a bull mode. Attention is on the 2021 high of $1667.50. Key short-term support has been defined at $1546.25, the Feb 15 low.

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