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(K3) Uptrend Still in Play

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: $1524.50 @ 13:44 GMT Feb 27
  • SUP 1: $1506.94 - 50-day EMA
  • SUP 2: $1476.00 - Low Jan 25
  • SUP 3: $1452.50 - Low Dec 6
  • SUP 4: $1439.25 - Low Dec 1

The modest uptrend in Soybean futures remains in play, with the contract last week touching a new trend high at 1549.75. The pullback from this high is likely a correction. Moving averages studies are in a bull mode position and this clearly highlights current sentiment. A resumption of gains would open $1567.50, the Jun 9 2022 high and a key resistance. Key short-term support to watch is at $1506.94, the 50-day EMA.

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