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(N4) Corrective Cycle Remains In Play

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 - High May 23
  • PRICE: $1181.50 @ 13:44 BST Jun 12
  • SUP 1: $1174.25 - Low Jun 7
  • 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)

The latest move down in Soybean futures appears to be a correction - for now. Moving average studies remain in a bull-mode position and this continues to highlight an uptrend. The bull trigger is at $1258.25, the May 23 high. A clear break of it would confirm a resumption of the uptrend and open $1280.75, a Fibonacci retracement. Key support and the reversal trigger lies at $1140.50, the Feb 29 low.

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