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SOY TECHS: (N3) Pullback Extends

SOY TECHS
  • RES 4: $1562.50 - High Jun 9 2022 and a major resistance
  • RES 3: $1546.00 - High Dec 30 2022 and key resistance
  • RES 2: $1541.50 - High Feb 22
  • RES 1: $1501.00/1525.25 - High Apr 18 / High Mar 6
  • PRICE: $1457.25 @ 13:44 BST Apr 21
  • SUP 1: $1455.75/1440.25 - Low APr 6 / Low Mar 31
  • SUP 2: $1418.25 - Low Mar 28
  • SUP 3: $1383.75 - Low Mar 24 and a key support
  • SUP 4: $1384.50 - Low Oct 6 2022

Soybean futures continue to trade lower. The extension has resulted in a test of support at $1455.75, the Apr 6 low. A firmer support lies at $1440.25, the Mar 31 low. A break of this level would cancel a recent bullish theme and signal scope for a deeper pullback. On the upside, clearance of Tuesday’s $1501.00 high is required to reinstate a bullish theme - this would expose $1525.25, the Mar 6 high.

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