April 23, 2024 13:18 GMT
(N4) Key Support Remains Exposed
SOY TECHS
- RES 4: $1375.50 - High Dec 12
- RES 3: $1341.25 - High Dec 28
- RES 2: $1302.25 - Low Oct 11
- RES 1: $1197.19/1259.00 - 50-day EMA / High Jan 24
- PRICE: $1173.75 @ 13:44 BST Apr 23
- SUP 1: $1140.50 - Low Feb 29 and the bear trigger
- SUP 2: $1100.00 - Psychological round number
- SUP 3: $1025.38 - 76.4% of the May ‘19 - Sep ‘ 22 bull cycle (cont)
- SUP 4: $985.75 - Low Sep 29 2020 (cont)
Soybean futures traded lower last week marking an extension of the bear leg from $1240.00, the Mar 21 high. A continuation would expose key support and the bear trigger at $1140.50, the Feb 29 low. A break of this level would confirm a resumption of the medium-term downtrend. The 50-day EMA, at $1197.19, marks the key resistance. A clear break of this EMA would signal scope for stronger correction.
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