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(N1) Pullback Considered Corrective

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: $1667.50 - High May 12
  • PRICE: $1597.00 @ 12:38 BST May 18
  • SUP 1: $1546.38 - 20-day EMA
  • SUP 2: $1490.50 - Low Apr 22
  • SUP 3: $1478.94 - 50-day EMA
  • SUP 4: $1374.75 - Low Apr 12 and 13 low and key near-term support

Soybean futures hit a new high of 1667.50 on May 12, but have rolled off since. Despite the pullback, the outlook remains largely bullish with prices holding above former resistance at $1574.75, Apr 27 high. Price has also recently cleared the psychological $1600.00 level. This paves the way for gains towards $1667.81, a Fibonacci projection and beyond. Initial support is $1542.88, the 20-day EMA.

Energy BulletsCommodities
Energy BulletsCommodities

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