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(K4) Corrective Cycle Remains In Play

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: $1252.75 - High Jan 25 key resistance
  • PRICE: $1186.25 @ 14:04 GMT Mar 28
  • SUP 1: $1128.50 - Low Feb 29
  • 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, however, a corrective cycle is in play and this signals scope for a continuation higher near-term. The contract has recently pierced resistance at the 50-day EMA - at $1204.38. A clear break of this average would signal scope for a stronger recovery towards key resistance at $1252.75, the Jan 25 high. On the downside, key support and the bear trigger is unchanged at $1128.50, the Feb 29 low.

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Commodities TechHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsForeign Exchange BulletsEnergy Technical Analysis

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