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(K3) Watching Support
- 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: $1488.00 @ 14:13 GMT Mar 14
- 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, remains a bullish development and the latest pullback in price is considered corrective. A resumption of gains would expose key resistance at $1549.75, the Feb 22 high, where a break would confirm a continuation 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.