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(N4) Outlook Remains Bullish

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: $1256.50 - High MAy 7
  • PRICE: $1209.25 @ 13:44 BST May 10
  • 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 remain above their recent lows. Last week’s move higher resulted in a break of both the 20- and 50-day EMAs. This undermines the recent bearish theme and signals scope for a stronger recovery. Monday’s gains resulted in a breach of $1240.00, the Mar 21 high, and an important short-term bull trigger. This opens $1302.25, the Oct 11 ‘23 low. On the downside, key support and the bear trigger lies at $1140.50, Feb 29 low.

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