Free Trial

(N3) Downtrend Still Intact

SOY TECHS
  • RES 4: $1525.25 - High Mar 6
  • RES 3: $1501.00 - High Apr 18
  • RES 2: $1411.81 - 50-day EMA
  • RES 1: $1383.75 - Low Mar 24 and a recent breakout level
  • PRICE: $1321.00 @ 13:44 BST May 30
  • SUP 1: $1304.75 - Low May 19 / 22
  • SUP 2: $1299.00 - Low Jul 22 2022
  • SUP 3: $1283.50 - Low Jan 24 2022
  • SUP 4: $1269.25 - Low Jan 18 2022

Soybean futures are consolidating and remain in a downtrend. Recent weakness resulted in a break of support at $1383.75, the Mar 24 low. This confirmed a resumption of the bear leg that started Dec 30 last year. Note too that moving average studies are in a bear mode position highlighting bearish sentiment. The move lower signals scope for weakness towards $1299.00, the Jul 22 2022 low. Initial resistance is seen at $1383.75, the Mar 24 low.

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.