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(K3) Approaching Key Support

SOY TECHS
  • RES 4: $1584.00 - 1.00 proj of the Jun 22 - Sep 13 - Oct 6 price swing
  • RES 3: $1567.50 - High Jun 9, 2022 and key resistance
  • RES 2: $1549.75 - High Feb 22 and bull trigger
  • RES 1: $1505.94 - 50-day EMA
  • PRICE: $1478.75 @ 14:39 GMT Mar 16
  • SUP 1: $1477.75 - Low Feb 28 and a pivot level
  • SUP 2: $1464.88 - 50.0% retracement of the Oct 6 - Feb 22 bull cycle
  • SUP 3: $1452.50 - Low Dec 6 2022
  • SUP 4: $1444.88 - 61.8% retracement of the Oct 6 - Feb 22 bull cycle

Soybean futures continue to weaken and the contract is approaching support at $1477.75, the Feb 28 low and bear trigger. A break would cancel the recent bullish theme and instead signal scope for a deeper pullback. This would open $1464.88, the 50.0% retracement of the Oct 6 - Feb 22 bull cycle. On the upside, initial firm resistance is at $1505.94, the 50-day EMA. A break is required to signal a reversal.

Energy BulletsCommodities
Energy BulletsCommodities

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