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(N2) Range Resistance Still Intact

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 / High May 31
  • PRICE: $1704.25 @ 13:15 BST Jun 2
  • 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. The contract briefly tested levels above the top of its broad range on Tuesday, but has since pulled back. Key resistance remains the $1741.00 area - the range top. The trend outlook is bullish. 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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