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(N1) Still Looking For Gains

SOY TECHS
  • RES 4: $1500.00 - Psychological round number
  • RES 3: $1495.38 - 0.764 proj of Dec 2 - Jan 14 - Jan 25 price swing
  • RES 2: $1454.69 - 0.618 proj of Dec 2 - Jan 14 - Jan 25 price swing
  • RES 1: $1448.25 - Apr 1 high and the bull trigger
  • PRICE: $1392.00 @ 13:44 BST Apr 14
  • SUP 1: $1355.00 - Low Mar 31 and key near-term support
  • SUP 2: $1321.25 - Low Feb 11
  • SUP 3: $1282.25 - Low Jan 25
  • SUP 4: $1237.75 - Low Dec 29

Soybean futures dipped lower yesterday. The outlook though remains bullish. The contract rallied Mar 31 and has defined a key S/T support at $1355.00. The recovery means the 50-day EMA as an area of support has remained intact. Attention is on $1448.25, Mar 8 high where a break would confirm a resumption of the uptrend. This would open $1454.69, a Fibonacci projection. For bears, sub $1355.00 levels would signal the start of a correction.

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