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(K2) Still Looking For Gains

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: $1683.75/1759.25 - High Mar 30 / High Feb 24 and bull trigger
  • PRICE: $1625.25 @ 12:59 BST Apr 7
  • SUP 1: $1576.75 - Low Apr 5
  • SUP 2: $1546.25 - Low Feb 15 and key support
  • SUP 3: $1390.25 - Low Jan 24
  • SUP 4: $1359.50 - Low Jan 18

The primary trend in Soybean futures remains up, however, the contract needs to clear resistance at $1759.25, the Feb 24 high, to confirm a resumption of the uptrend and mark the end of the current corrective cycle. This would pave the way for a test of the 1800.00 level. Recent weakness has resulted in a print below the 50-day EMA, at $1600.26 today. The next key support lies at $1546.25, the Feb 15 low.

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