Free Trial

(N1) Needle Still Points 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: $1583.25 - 2.236 proj of Mar 31 - Apr 1 - Apr 12 price swing
  • RES 1: $1574 75 - High Apr 27
  • PRICE: $1537.00 @ 13:44 BST May 4
  • SUP 1: $1480.00 - Low Apr 22
  • SUP 2: $1473.75 - 20-day EMA
  • SUP 3: $1426.13 - 50-day EMA
  • SUP 4: $1374.75 - Low Apr 12 and 13 low and key near-term support

Soybean futures are unchanged and maintain a firmer tone while still trading below last week's high. Recent gains resulted in a break of the $1500.00 handle. The move to new highs since Apr 20 confirms a resumption of the underlying uptrend. Bullish conditions are also supported by a positive moving average set-up and the recent price gains sets the scene for a climb towards $1600.00 next. Support is at $1480.00.

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.