Free Trial

(K3) Corrective Bounce Extends

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: $1476.88/1491.13 - 20- and 50-day EMA
  • PRICE: $1470.25 @ 13:44 BST Mar 29
  • SUP 1: $1405.00 - Low Mar 24
  • SUP 2: $1397.00 - Low Oct 28 2022
  • SUP 3: $1380.00 - Low Oct 6 2022
  • SUP 4: $1365.75 - Low Aug 3 2022

Sharp losses last week in Soybean futures resulted in the break of a number of retracement levels. The impulsive sell-off exposes 1380.00, the Oct 6 2022 low and the next key support. Note that short-term trend conditions are oversold and the latest recovery, from last Friday’s $1405.00 low, is allowing this condition to unwind. Initial resistance to watch is $1476.88, the 20-day EMA. This is ahead of the 50-day EMA, at $1491.13.

To read the full story

Close

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.