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(K3) Corrective Pullback Extends

SOY TECHS
  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1584.00 - 1.00 proj of the Jun 22 - Sep 13 - Oct 6 price swing
  • RES 2: $1567.50 - High Jun 9, 2022 and key resistance
  • RES 1: $1549.75 - High Feb 22 and bull trigger
  • PRICE: $1494.50 @ 13:44 GMT Feb 28
  • SUP 1: $1493.00 - Intraday low
  • SUP 2: $1476.00 - Low Jan 25
  • SUP 3: $1452.50 - Low Dec 6
  • SUP 4: $1439.25 - Low Dec 1

The modest uptrend in Soybean futures remains in play. However, the latest pullback suggests potential for a deeper retracement. The contract is again trading lower today and has breached the 50-day EMA, at $1507.19. Furthermore, price has also traded through the $1500.00 handle. This signals potential for weakness towards $1476.00, the Jan 25 low. Key resistance and the bull trigger has been defined at $1549.75, the Feb 22 high.

Energy BulletsCommodities
Energy BulletsCommodities

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