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(K3) Bear Cycle Extension

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: $1502.13 - 50-day EMA
  • PRICE: $1447.00 @ 14:07 GMT Mar 22
  • SUP 1: $1444.88 - 61.8% retracement of the Oct 6 - Feb 22 bull cycle
  • SUP 2: $1436.50 - Low Nov 23 2022
  • SUP 3: $1420.06 - 76.4% retracement of the Oct 6 - Feb 22 bull cycle
  • SUP 4: $1397.00 - Low Oct 28 2022

Soybean futures conditions remain bearish and the contract has traded through support at $1477.75, the Feb 28 low and bear trigger. The clear break of this level signals scope for a deeper pullback and today’s resumption of the downtrend reinforces bearish conditions. This opens $1444.88 next, 61.8% of the Oct 6 - Feb 22 bull cycle. Initial firm resistance is at $1502.13, the 50-day EMA. A clear break of the average is required to signal a reversal.

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