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(K3) Maintains A Bullish Theme

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: $1490.00 - 50-day EMA
  • PRICE: $1478.25 @ 13:44 BST Mar 31
  • SUP 1: $1439.75/1405.00 - Low Mar 28 / 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

Soybean futures maintain a positive theme. The contract has traded above resistance at the 20-day EMA, at $1476.94. This signals scope for an extension of the current bullish corrective cycle and attention turns to resistance at the 50-day EMA. The average intersects at $1490.00. A clear break of the average would further strengthen the current bull cycle. On the downside, initial firm support lies at $1439.75, the Mar 28 low.

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