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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: $1604.75/67.50 - High May 18 / High May 12
  • PRICE: $1499.00 @ 12:40 BST May 27
  • SUP 1: $1490.50/56 - Low Apr 22 / 50-day EMA
  • SUP 2: $1453.00 - Low Apr 21
  • SUP 3: $1374.75 - Low Apr 12 and 13 low and key near-term support
  • SUP 4: $1356.00 - Low Mar 30

Soybean futures remain soft as the pullback from the recent 12 May high of $1667.50 extends. The 20-day EMA has been cleared and price has probed support at 1490.50, Apr 28 low. A clear break of this level would also confirm a breach of the 50-day EMA and strengthen a bearish case allowing for a deeper correction. The underlying uptrend remains intact. The bull trigger for a resumption of strength is $1667.50, May 12 high.

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