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(N4) Bull Trigger Has Been Pierced

SOY TECHS
  • RES 4: $1341.25 - High Dec 18 2023
  • RES 3: $1313.88 - 61.8% retracement of the Nov 15 - Feb 29 bear leg
  • RES 2: $1280.75 - 50.0% retracement of the Nov 15 - Feb 29 bear leg
  • RES 1: $1258.25/12258.25 - High May 23 and 27
  • PRICE: $1222.25 @ 13:44 BST May 29
  • SUP 1: $1203.50 - Low May 14
  • SUP 2: $1140.50 - Low Feb 29 and the bear trigger
  • SUP 3: $1100.00 - Psychological round number
  • SUP 4: $1025.38 - 76.4% of the May ‘19 - Sep ‘ 22 bull cycle (cont)

Soybean futures remain bullish. The recent move higher resulted in a break of both the 20- and 50-day EMAs. This undermined a recent bearish theme and signalled scope for a stronger recovery. The bull trigger, at $1256.50, the May 7 high, has been pierced. A clear break of it would confirm a resumption of the uptrend and open $1302.25, the Oct 11 ‘23 low. Initial firm support is $1203.50, May 14 low.

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