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(N1) Tests The 50-day EMA

SOY TECHS
  • RES 4: $1700.75 - 1.50 proj of Dec 2 - Jan 13 - Jan 25 price swing
  • RES 3: $1667.81 - 1.382 proj of Dec 2 - Jan 13 - Jan 25 price swing
  • RES 2: $1604.75/67.50 - High May 18 / High May 12
  • RES 1: $1555.75 Intraday high
  • PRICE: $1526.75 @ 13:31 BST May 28
  • SUP 1: $1492.88/89.25 - 50-day EMA / Low May 26
  • SUP 2: $1453.00 - Low Apr 21
  • SUP 3: $1374.75 - Low Apr 12 and 13 low and key near-term support
  • SUP 4: $1356.00 - Low Mar 30

Soybean futures remain soft following the pullback from the recent 12 May high of $1667.50 and despite yesterday's bounce. Near-term support has been defined at$1489.25, May 26 low. A break would confirm a resumption of weakness and open $1453.00, Apr 21 low. Note that the contract has tested the 50-day EMA at $1492.88. This is a key support level and we are on the lookout for any signs of base building. Initial resistance is $1555.75.

Energy BulletsCommodities
Energy BulletsCommodities

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