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(Z2) Heading South


(Z2) Bearish Theme Intact

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  • 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 - High Feb 24 and a bull trigger
  • PRICE: $1601.25 @ 13:17 BST May 11
  • SUP 1: $1578.00 - 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 are trading near recent lows but continue to also trade inside a broad range. The outlook remains bullish. The latest bull cycle started at $1560.50, the Apr 4 low. Attention is on key resistance at $1741.00, Feb 24 high, where a break would confirm a resumption of the uptrend. This would open the 1800.00 handle. Weakness below $1560.50, would instead highlight a bearish threat and would also be seen as an important reversal.

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