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(N1) Resumes Its Uptrend

SOY TECHS
  • RES 4: $1663.56 - 1.236 proj of Dec 2 - Jan 13 - Jan 25 price swing
  • RES 3: $1630.00 - High Jul 2013
  • RES 2: $1600.00 - Psychological round number resistance
  • RES 1: $1588.00 - Intraday high
  • PRICE: $1578.50 @ 12:39 BST May 7
  • SUP 1: $1490.50 - Low Apr 22
  • SUP 2: $1453.00 - Low Apr 21
  • SUP 3: $1434.94 - 50-day EMA
  • SUP 4: $1374.75 - Low Apr 12 and 13 low and key near-term support

Soybean futures maintain a firmer tone and have today traded above resistance at $1574.75, Apr 27 high. The move to fresh highs since Apr 20 confirms a resumption of the underlying uptrend and today's gains have once again reinforced this as the bullish price sequence of higher highs and higher lows extends. The focus is on the psychological $1600.00 level next. On the downside, key short-term support has been defined at $1490.50, Apr 28 low.

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