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(N1) Rolls Off Cycle High

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: $1592.00 @ 15:25 BST May 14
  • SUP 1: $1520.88 - 20-day EMA
  • SUP 2: $1490.50 - Low Apr 22
  • SUP 3: $1458.00 - 50-day EMA
  • SUP 4: $1374.75 - Low Apr 12 and 13 low and key near-term support

Soybean futures hit a new high at 1667.50 Wednesday, but have rolled off since. Nonetheless, the outlook remains largely bullish with prices holding above resistance at $1574.75, Apr 27 high. Furthermore price has cleared the psychological $1600.00 level. This paves the way for gains towards $1667.81, a Fibonacci projection. Initial support is $1520.88, the 20-day EMA.

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