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(K2) Shooting Star Candle Still In Play

SOY TECHS
  • 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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