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(N2) Challenging The Top Of Its Range

SOY TECHS
  • RES 4: $1809.25 - 1.00 proj of the Jan 18 - Feb 10 - 15 price swing
  • RES 3: $1800.00 - Round number resistance
  • RES 2: $1789.00 - High Sep 2012 (cont)
  • RES 1: $1741.00/49.25 - High Feb 24 and a bull trigger / Intraday high
  • PRICE: $1733.755 @ 13:44 BST May 31
  • SUP 1: $1665.50/1578.00 - Low May 25 / Low May 9
  • SUP 2: $1560.50 - Low Apr 4 and key support
  • SUP 3: $1525.50 - Low Feb 2
  • SUP 4: $1477.00 - Low Jan 31

Soybean futures remain inside its broad range but the contract has delivered a temporary print above the top of the range and key resistance at $1741.00. The trend outlook remains bullish - the latest bull cycle started at $1560.50, Apr 4 low. A clear break of $1741.00, Feb 24 high, would confirm a range breakout and a resumption of the uptrend. This would open $1800.00. Weakness below $1560.50, Apr 4 low, would instead highlight a reversal.

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