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(K3) Pivot Support Defined

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: $1513.50 @ 13:44 GMT Mar 6
  • SUP 1: $1477.75/76.00 - Low Feb 28 and a pivot level / Low Jan 25
  • SUP 2: $1452.50 - Low Dec 6
  • SUP 3: $1439.25 - Low Dec 1
  • SUP 4: $1420.06 - 76.4% retracement of the Oct 6 - Feb 22 bull cycle

The recent bearish pullback in Soybean futures suggested potential for a deeper retracement. The contract breached the 50-day EMA and traded through the $1500.00 handle, signalling potential for $1476.00, Jan 25 low. However, it is worth noting that the recovery from last Tuesday’s low is potentially bullish and a continuation would expose key resistance at $1549.75, Feb 22 high. Support at $1477.75 is the key short-term pivot point.

Energy BulletsCommodities
Energy BulletsCommodities

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