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(N1) Corrective Bounce

SOY TECHS
  • RES 4: $1700.75 - 1.50 proj of Dec 2 - Jan 13 - Jan 25 price swing
  • RES 3: $1667.81 - 1.382 proj of Dec 2 - Jan 13 - Jan 25 price swing
  • RES 2: $1604.75/67.50 - High May 18 / High May 12
  • RES 1: $1578.50 HIgh Jun 1
  • PRICE: $1554.75 @ 13:44 BST Jun 2
  • SUP 1: $1496.44/89.25 - 50-day EMA / Low May 26
  • 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 following the pullback from $1667.50, May 12 high and despite the recovery from last week's low. Support has been defined at $1489.25, May 26 low. A break would confirm a resumption of weakness and open $1453.00, Apr 21 low. Note that the contract tested the 50-day EMA last week. The average represents a key support and we are on the lookout for any signs of base building. Initial resistance is $1555.75.

Energy BulletsCommodities
Energy BulletsCommodities

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