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(N3) Cracks Support

SOY TECHS
  • RES 4: $1501.00 - High Apr 18
  • RES 3: $1411.81 - 50-day EMA
  • RES 2: $1383.75 - Low Mar 24 and a recent breakout level
  • RES 1: $1343.50 - High May 26 and a key short-term resistance
  • PRICE: $1272.25 @ 13:44 BST May 31
  • SUP 1: $1270.75 - Intraday low
  • 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 cleared recent lows and resumed the medium-term downtrend. Importantly too, the contract has cleared the $1300 handle and the Jul 22 2022 low of $1299.00. This reinforces bearish conditions and paves the way for a move towards $1253.00 next, the Jan 3 2022 low. On the upside, key short-term resistance has been defined at $1343.50, the May 26 high. A recovery would be considered corrective.

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