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Free Access(K2) Shooting Star Candle Still In Play
- 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: $1623.75 @ 13:44 GMT Feb 28
- SUP 1: $1546.25 - Low Feb 15
- SUP 2: $1481.63 - 50-day EMA
- SUP 3: $1359.50 - Low Jan 18
- SUP 4: $1344.50 - Low Dec 30
Soybean futures rallied to a fresh high of $1759.25 on Feb 24 before giving back its gains and closed at the session lows. In pattern terms, that day's candle pattern is a shooting star reversal signal. This suggests that we may see a corrective pullback near-term that 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 $1759.25.
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Why MNI
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.