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(N1) Defying Gravity

SOY TECHS
  • RES 4: $1561.25 - 1.00 proj of Dec 2 - Jan 14 - Jan 25 price swing
  • RES 3: $1555.38 - 76.4% of the 2012 - 2019 downleg (cont)
  • RES 2: $1542.06 - 1.764 proj of Mar 31 - Apr 1 - Apr 12 price swing
  • RES 1: $1539.50 - Intraday high
  • PRICE: $1525.75 @ 13:44 BST Apr 26
  • SUP 1: $1480.00 - Low Apr 22
  • SUP 2: $1434.19 - 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 continue to push higher. The uptrend accelerated last week clearing the $1500.00 handle in the process. The break to new highs last week and again today, 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 2012 - 2019 downleg. Support is at $1480.00.

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