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(N1) Heading North

SOY TECHS
  • RES 4: $1627.13 - 1.236 proj of Dec 2 - Jan 14 - Jan 25 price swing
  • RES 3: $1600.00 - Round number resistance
  • RES 2: $1586.07 - 2.236 proj of Mar 31 - Apr 1 - Apr 12 price swing
  • RES 1: $1574 75 - Intraday high
  • PRICE: $1545.75 @ 13:44 BST Apr 27
  • SUP 1: $1480.00 - Low Apr 22
  • SUP 2: $1444.19 - 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 this week, 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 $11600.00 next. Support is at $1480.00.

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