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(N1) Uptrend Extends

SOY TECHS
  • RES 4: $1555.38 - 76.4% of the 2012 - 2019 downleg (cont)
  • RES 3: $1528.44 - 1.618 proj of Mar 31 - Apr 1 - Apr 12 price swing
  • RES 2: $1517.44 - 1.50 proj of Mar 31 - Apr 1 - Apr 12 price swing
  • RES 1: $1504.50 - Intraday high
  • PRICE: $1493.50 @ 13:21 BST Apr 22
  • SUP 1: $1416.19 - 20-day EMA
  • SUP 2: $1374.75 - Low Apr 12 and 13 low and key near-term support
  • SUP 3: $1355.00 - Low Mar 31
  • SUP 4: $1321.25 - Low Feb 11

Soybean futures maintain a firmer tone and continue to trade higher, probing $1500.00 today. The break to new highs this week confirms a resumption of the underlying uptrend. Bullish conditions are also supported by a positive MA set-up and the move higher sets the scene for a climb towards $1555.38 (cont), 76.4% of the major downleg between 2012 - 2019. Key trend support has been defined at $1374.75, the Apr 12 and 13 low.

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