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(N3) Remains Soft

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: $1451.94 - 20-day EMA
  • PRICE: $1408.75 @ 13:44 BST Apr 27
  • SUP 1: $1411.25 - Low Apr 28
  • 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 remain soft following this week’s bearish extension. The move lower signals scope for a continuation lower - towards $1383.75, Mar 24 low. Moving average studies are in a bear-mode position and this highlights a downtrend. On the upside, clearance of $1501.00, Apr 18 high is required to reinstate a bullish theme. Initial firm resistance is $1451.94, the 20-day EMA.

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