Free Trial

(N3) Corrective Bounce Extends

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: $1457.13 - 20-day EMA
  • PRICE: $1443.00 @ 13:44 BST May 8
  • 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

Soybean futures are trading higher today as the correction from last week’s low extends. The contract has traded above the 20-day EMA and the next resistance to watch is the 50-day EMA, at $1457.13. The trend condition is bearish and a resumption of weakness would refocus attention on key support at $1383.75, the Mar 24 low. A break would be bearish. On the upside, a clear break of the 50-day EMA would strengthen bullish conditions.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.