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(N1) Correction Extends

SOY TECHS
  • RES 4: $1736.25 - High during week of Sep 21, 2012
  • RES 3: $1700.75 - 1.50 proj of Dec 2 - Jan 13 - Jan 25 price swing
  • RES 2: $1667.81 - 1.382 proj of Dec 2 - Jan 13 - Jan 25 price swing
  • RES 1: $1667.50 - High May 12
  • PRICE: $1554.50 @ 13:19 BST May 19
  • SUP 1: $1549.00 - 20-day EMA
  • SUP 2: $1490.50 - Low Apr 22
  • SUP 3: $1482.69 - 50-day EMA
  • SUP 4: $1374.75 - Low Apr 12 and 13 low and key near-term support

Soybean futures are lower today as the pullback from the recent 12 May high of $1667.50 extends. Attention is on the 20-day EMA at 1549.00. A clear breach of the average would signal scope for a deeper pullback and expose 1490.50, Apr 22 low. The current pullback is considered a correction. The underlying uptrend remains intact and the bull trigger for a resumption of strength is $1667.50, May 12 high.

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