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SOY TECHS: (N3) Bears Remain In The Driver’s Seat

SOY TECHS
  • RES 4: $1525.25 - High Mar 6
  • RES 3: $1501.00 - High Apr 18
  • RES 2: $1435.00 - 50-day EMA
  • RES 1: $1383.75 - Low Mar 24 and a recent breakout level
  • PRICE: $1341.25 @ 13:44 BST May 19
  • SUP 1: $1322.75 - Low Jul 25 2022
  • SUP 2: $1299.00 - Low Jul 22 2022
  • SUP 3: $1283.50 - Low Jan 24 2022
  • SUP 4: $1269.25 - Low Jan 18 2022

Soybean futures have traded sharply lower this week and cleared support at $1383.75, the Mar 24 low. The break lower confirms a resumption of the bear leg that started Dec 30 last year. Moving average studies are in a bear mode position highlighting bearish sentiment. The move lower signals scope for weakness towards $1299.00, the Jul 22 2022 low. Initial resistance is seen at $1383.75.

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Energy BulletsCommodities

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