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(N1) Uptrend Extends

SOY TECHS
  • RES 4: $1561.25 - 1.00 proj of Dec 2 - Jan 14 - Jan 25 price swing
  • RES 3: $1500.00 - Psychological round number
  • RES 2: $1495.38 - 0.764 proj of Dec 2 - Jan 14 - Jan 25 price swing
  • RES 1: $1472.25 - Intraday high
  • PRICE: $1455.25 @ 13:44 BST Apr 21
  • SUP 1: $1374.75, Apr 12 and 13 low and key near-term support
  • SUP 2: $1355.00 - Low Mar 31
  • SUP 3: $1321.25 - Low Feb 11
  • SUP 4: $1282.25 - Low Jan 25

Soybean futures maintain a firmer tone and have traded higher again today. Yesterday the contract cleared the former trend high of $1448.25, Apr 1 high. The break confirms a resumption of the uptrend. Bullish conditions are also supported by a positive MA set-up and the move higher sets the scene for a climb towards $1495.38, a Fibonacci projection. On the downside, key short-term support has been defined at $1374.75, the Apr 12 and 13 low.

Energy BulletsCommodities
Energy BulletsCommodities

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