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SOY TECHS

(X2) Bearish Threat Remains Present

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(Q2) Resistance Remains Intact

WTI TECHS
  • RES 4: $122.68- 1.50 proj of the May 11 - 17 -19 price swing
  • RES 3: $120.88 - High Jun 14 and key resistance
  • RES 2: $116.58 - High Jun 17
  • RES 1: $111.45/114.05 - Intraday high / High Jun 29
  • PRICE: $110.06 @ 07:13 BST Jul 5
  • SUP 1: $104.56/101.53 - Low Jul 1 / Low Jun 22
  • SUP 2: $99.36 - Low May 12
  • SUP 3: $95.47 - Low May 11
  • SUP 4: $93.45 - Low Apr 25

WTI futures found resistance last week at $114.05, the Jun 29 high. This peak marks initial resistance and a break is required to confirm a resumption of the recent recovery that would open $116.58, the Jun 17 high. For bears, a reversal lower from current levels would signal the end of the recent climb and this would refocus attention on the key support at $101.53, the Jun 22 low. A break would confirm a resumption of bearish activity.

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  • RES 4: $122.68- 1.50 proj of the May 11 - 17 -19 price swing
  • RES 3: $120.88 - High Jun 14 and key resistance
  • RES 2: $116.58 - High Jun 17
  • RES 1: $111.45/114.05 - Intraday high / High Jun 29
  • PRICE: $110.06 @ 07:13 BST Jul 5
  • SUP 1: $104.56/101.53 - Low Jul 1 / Low Jun 22
  • SUP 2: $99.36 - Low May 12
  • SUP 3: $95.47 - Low May 11
  • SUP 4: $93.45 - Low Apr 25

WTI futures found resistance last week at $114.05, the Jun 29 high. This peak marks initial resistance and a break is required to confirm a resumption of the recent recovery that would open $116.58, the Jun 17 high. For bears, a reversal lower from current levels would signal the end of the recent climb and this would refocus attention on the key support at $101.53, the Jun 22 low. A break would confirm a resumption of bearish activity.