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(K4) Bears Remain In The Driver’s Seat

SOY TECHS
  • RES 4: $1371.25 - High Dec 12
  • RES 3: $1336.50 - High Dec 28
  • RES 2: $1295.25 - Low Oct 11
  • RES 1: $1190.75/1252.75 - 20-day EMA / High Jan 25 key resistance
  • PRICE: $1143.25 @ 15:22 GMT Feb 26
  • SUP 1: $1135.75 - Intraday low
  • SUP 2: $1100.00 - Psychological round number
  • SUP 3: $1025.38 - 76.4% of the May ‘19 - Sep ‘ 22 bull cycle (cont)
  • SUP 4: $985.75 - Low Sep 29 2020 (cont)

The downtrend in Soybean futures remains intact and the contract traded to fresh trend lows once again last week. The new cycle lows confirm a resumption and an extension of the downtrend. Sights are on the $1100.00 psychological handle. Moving average studies are in a bear mode position, highlighting a clear downtrend. Initial firm resistance has been defined at $1252.75, the Jan 25 high.

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Energy BulletsCommodities

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