May 30, 2024 13:33 GMT
(N4) Support Remains Intact For Now
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: $1215.25 @ 13:44 BST May 30
- 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 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. Initial firm support is $1203.50, the May 14 low. The latest pullback appears to be a correction.
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