Free Trial

(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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.