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(N3) Outlook Remains Bullish

SOY TECHS
  • RES 4: $1546.00 - High Dec 30 2022 and key resistance
  • RES 3: $1541.50 - High Feb 22
  • RES 2: $1549.75 - High Feb 22 and bull trigger
  • RES 1: $1500.50/1525.25 - High Apr 3 / High Mar 6
  • PRICE: $1487.25 @ 14:39 BST Apr 13
  • SUP 1: $1440.25 - Low Mar 31
  • SUP 2: $1418.25 - Low Mar 28
  • SUP 3: $1383.75 - Low Mar 24 and a key support
  • SUP 4: $1384.50 - Low Oct 6 2022

Soybean futures maintain a positive theme and the contract extends this week’s recovery. Price has recently pierced the 1500.00 handle and attention is on $1525.25, the Mar 6 high, ahead of key resistance at 1546.00, the Mar 30 2022 high. On the downside, key short-term support to watch is unchanged at $1440.25, the Mar 31 low. A move lower and a break of this support would highlight the start of a potential bearish phase.

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