Free Trial

SOY TECHS: (K3) Remains Vulnerable

SOY TECHS
  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1584.00 - 1.00 proj of the Jun 22 - Sep 13 - Oct 6 price swing
  • RES 2: $1567.50 - High Jun 9, 2022 and key resistance
  • RES 1: $1549.75 - High Feb 22 and bull trigger
  • PRICE: $1486.75 @ 13:44 GMT Mar 1
  • SUP 1: $1476.00 - Low Jan 25
  • SUP 2: $1452.50 - Low Dec 6
  • SUP 3: $1439.25 - Low Dec 1
  • SUP 4: $1420.06 - 76.4% retracement of the Oct 6 - Feb 22 bull cycle

The latest pullback in Soybean futures suggests potential for a deeper retracement. The contract traded sharply lower Tuesday and breached the 50-day EMA, at $1506.00. Furthermore, price has also traded through the $1500.00 handle. This signals potential for weakness towards $1476.00, the Jan 25 low. Key resistance and the bull trigger has been defined at $1549.75, the Feb 22 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.