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(N3) Bearish Outlook

SOY TECHS
  • RES 4: $1546.00 - High Dec 30 2022 and key resistance
  • RES 3: $1541.50 - High Feb 22
  • RES 2: $1501.00/1525.25 - High Apr 18 / High Mar 6
  • RES 1: $1454.56 - 50-day EMA
  • PRICE: $1410.50 @ 13:44 BST May 10
  • SUP 1: $1392.25 - Low May 3
  • SUP 2: $1383.75 - Low Mar 24 and a key support
  • SUP 3: $1362.75 - Low Aug 3 2022
  • SUP 4: $1350.00 - Round number support

Recent gains in Soybean futures appear to be a correction. The contract traded above the 20-day EMA but stalled ahead of key resistance at $1454.56, the 50-day EMA. The trend condition is bearish and a continuation lower would refocus attention on key support at $1383.75, the Mar 24 low. A break of this level would be bearish. On the upside, a clear breach of the 50-day EMA would strengthen a bullish threat.

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