March 28, 2024 14:16 GMT
(K4) Corrective Cycle Remains In Play
SOY TECHS
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- 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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