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(N3) Southbound

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: $1457.00 - 20-day EMA
  • PRICE: $1408.75 @ 13:44 BST Apr 27
  • SUP 1: $1405.25 - Intraday low
  • 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 traded lower last week and the contract remains soft as the bear cycle extends this week. The move lower has resulted in a breach of $1440.25, the Mar 31 low. The break of this level cancels a recent bullish theme and signals scope for a deeper pullback - towards $1383.75, Mar 24 low. On the upside, clearance of $1501.00, Apr 18 high is required to reinstate a bullish theme. Initial firm resistance is $1457.00, the 20-day EMA.

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