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(N4) Resistance Remains Intact

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: $1259.00 - High Jan 24 key resistance
  • PRICE: $1169.75 @ 13:44 BST Apr 16
  • SUP 1: $1140.50 - Low Feb 29
  • 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)

The downtrend in Soybean futures remains intact, however, a corrective cycle is potentially still in play, despite the latest move lower. The contract has recently pierced the 50-day EMA - at $1204.69. A resumption of gains and a clear break of this average would signal scope for a stronger recovery towards key resistance at $1259.00, the Jan 24 high. On the downside, key support and the bear trigger is unchanged at $1140.50, the Feb 29 low.

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