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(N1) Accelerating Bull Trend

SOY TECHS
  • RES 4: $1555.38 - 76.4% of the 2012 - 2019 downleg (cont)
  • RES 3: $1542.06 - 1.764 proj of Mar 31 - Apr 1 - Apr 12 price swing
  • RES 2: $1528.44 - 1.618 proj of Mar 31 - Apr 1 - Apr 12 price swing
  • RES 1: $1524.00 - High Apr 22
  • PRICE: $1509.75 @ 13:44 BST Apr 23
  • SUP 1: $1480.00 - Low Apr 22
  • SUP 2: $1425.56 - 20-day EMA
  • SUP 3: $1374.75 - Low Apr 12 and 13 low and key near-term support
  • SUP 4: $1355.00 - Low Mar 31

Soybean futures maintain a firmer tone and the uptrend has accelerated this week clearing the $1500.00 handle in the process. The break to new highs confirms a resumption of the underlying uptrend. Bullish conditions are also supported by a positive MA set-up and the move higher sets the scene for a climb towards $1555.38 (cont), 76.4% of the major downleg between 2012 - 2019. Initial support is at yesterday's low of $1480.00.

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