May 20, 2024 13:16 GMT
(N4) Trend Structure 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 and the bull trigger
- PRICE: $1231.50 @ 13:44 BST May 20
- 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 latest lows. The recent move higher resulted in a break of both the 20- and 50-day EMAs. This undermines a recent bearish theme and signals scope for a stronger recovery. Sights are on the next bull trigger at $1256.50, the May 7 high. A break of this level would confirm a resumption of the uptrend and open $1302.25, the Oct 11 ‘23 low. Key support and the bear trigger lies at $1140.50, the Feb 29 low.
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