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(K3) Sights Are On Key Resistance

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: $1519.00 @ 13:44 GMT Mar 8
  • 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 recovery in Soybean futures from $1477.75, the Feb 28 low, has resulted in a move above both the 20- and 50-day EMAs. A continuation higher would expose key resistance at $1549.75, the Feb 22 high, where a break would confirm a resumption of the uptrend and open $1567.50, the Jun 9 2022 high and a key resistance. On the downside, a break of $1477.75 is required to reinstate a bearish threat.

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