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(N3) Continues T0 Weaken

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: $1461.44 - 20-day EMA
  • PRICE: $1420.50 @ 13:44 BST Apr 26
  • SUP 1: $1411.25 - Low Apr 25
  • 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

Soybean futures traded lower last week and remain soft as the bear cycle extends this week. The move lower has resulted in a breach of support at $1440.25, the Mar 31 low. The break of this level cancels a recent bullish theme and signals scope for a deeper pullback - towards $1383.75, the Mar 24 low. On the upside, clearance of $1501.00, the Apr 18 high is required to reinstate a bullish theme.

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