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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: $1448.31 - 50-day EMA
  • PRICE: $1404.50 @ 13:44 BST May 15
  • SUP 1: $1385.25 - Low May 11
  • 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

The recent pullback in Soybean futures from $1446.75, the May 8 high, reinforces a bearish theme - the trend direction remains down. Support at $1392.25, the May 3 low has been pierced and this signals scope for weakness towards key support and the bear trigger at $1383.75, the Mar 24 low. Clearance of this level would strengthen bearish conditions. On the upside, key resistance is at $1448.31, the 50-day EMA.

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