Free Trial

(N1) Still Heading North

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: $1599.50 - High May 7
  • PRICE: $1586.00 @ 14:33 BST May 10
  • SUP 1: $1490.50 - Low Apr 22
  • SUP 2: $1453.00 - Low Apr 21
  • SUP 3: $1446.06 - 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 rallied Friday, trading above resistance at $1574.75, Apr 27 high. The move to fresh highs since Apr 20 confirms a resumption of the underlying uptrend and last week's gains have once again reinforced a positive theme 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, support is at $1490.50, Apr 28 low.

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.