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(N3) Corrective Cycle Remains In Play

SOY TECHS
  • RES 4: $1525.25 - High Mar 6
  • RES 3: $1501.00 - High Apr 18
  • RES 2: $1446.75 - High May 8
  • RES 1: $1392.13 - 50-day EMA
  • PRICE: $1366.50 @ 13:44 BST Jun 9
  • SUP 1: $1270.75 - Low May 31
  • SUP 2: $1253.00 - Low Jul 3 2022
  • SUP 3: $1237.50 - Low Dec 14 2021 (cont)
  • SUP 4: $1214.25 - Low Nov 30 2021 (cont)

Soybean futures traded to a fresh cycle low of $1270.75 on May 31. The contract has since recovered from the low, however, despite the bounce, the trend remains bearish. Price has breached the $1300 handle and the Jul 22 2022 low of $1299.00. This paves the way for a move towards $1253.00 next, the Jan 3 2022 low. Key short-term resistance is at $1392.13, the 50-day EMA.

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