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(K3) Southbound

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: $1472.00/1500.00 - High Mar 22 / 50-day EMA
  • PRICE: $1435.75 @ 14:10 GMT Mar 23
  • SUP 1: $1432.25 - Intraday low
  • SUP 2: $1420.06 - 76.4% retracement of the Oct 6 - Feb 22 bull cycle
  • SUP 3: $1397.00 - Low Oct 28 2022
  • SUP 4: $1380.00 - Low Oct 6 2022

Soybean futures remain bearish and the contract is trading lower again today. Price has recently breached support at $1477.75, the Feb 28 low and a bear trigger. The clear break strengthens bearish conditions. The focus is on $1420.06 next, 76.4% of the Oct 6 - Feb 22 bull cycle. Initial firm resistance is at $1500.00 the 50-day EMA. A clear break of the average is required to signal a reversal.

Energy BulletsCommodities
Energy BulletsCommodities

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