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(N4) Watching Resistance

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: $1181.75 @ 13:44 BST Apr 24
  • 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 resumption of weakness 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 $1196.56, marks the key resistance. A clear break of this EMA would signal scope for stronger correction.

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