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(K3) Remains Soft

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: $1504.25 - 50-day EMA
  • PRICE: $1475.00 @ 14:24 GMT Mar 20
  • SUP 1: $1462.00 - Intraday low
  • SUP 2: $1444.88 - 61.8% retracement of the Oct 6 - Feb 22 bull cycle
  • SUP 3: $1436.50 - Low Nov 23 2022
  • SUP 4: $1420.06 - 76.4% retracement of the Oct 6 - Feb 22 bull cycle

Soybean futures remain soft and the contract has traded through support at $1477.75, the Feb 28 low and bear trigger. The clear break of this level cancels the recent bullish theme and instead signals scope for a deeper pullback. This opens $1444.88, the 61.8% retracement of the Oct 6 - Feb 22 bull cycle. On the upside, initial firm resistance is at $1504.25, the 50-day EMA. A break is required to signal a reversal.

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