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(K3) Modest Uptrend Still in Play

SOY TECHS
  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1580.00 - 1.00 proj of the Jun 22 - Sep 13 - Oct 6 price swing
  • RES 2: $1572.25 - High Jun 9, 2022 and the key resistance
  • RES 1: $1549.75 - High Feb 22 and bull trigger
  • PRICE: $1516.25 @ 10:29 GMT Feb 23
  • SUP 1: $1478.25/1465.00 - Low Jan 25 / Low Jan 5
  • SUP 2: $1412.75 - Low Nov 17
  • SUP 3: $1371.00 - Low Oct 6
  • SUP 4: $1299.00 - Low Jul 22, 2022

The modest uptrend in Soybean futures remains in play, with the contract this week touching a new trend high at 1549.75. Moving averages are also trending higher, signalling firm support on pullbacks for the current bullish price action. The K3 contract has faded off the midweek high, but nearby support remains untroubled ahead of the more notable uptrendline support at 1521.7. A break of this level would signal scope for a deeper retracement and confirm a breach of the 50-day EMA, at 1506.5. Key resistance remains at 1572.25.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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