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SOYBEAN: (F1) Resumption Of Uptrend

COMMODITY TECHS
  • RES 4: $1176.50 - High Jul 1, 2016 (cont)
  • RES 3: $1150.25 - High Jul 5, 2016 (cont)
  • RES 2: $1143.50 - High Jul 14, 2016 (cont)
  • RES 1: $1118.00 - Intraday high
  • PRICE: $1112.75 @ 12:32 GMT Nov 9
  • SUP 1: $1083.50 - Low Nov 5
  • SUP 2: $1045.00 - Low Nov 2 and the near-term bear trigger
  • SUP 3: $1038.25 - Low Oct 15
  • SUP 4: $1034.25 - Low Oct 12 and key support

Soybean futures recovered last week off the Nov 2 low of $1045.00 and saw gains take the contract through the former resistance and bull trigger at $1088.5, Oct 27 high. This confirmed a resumption of the underlying uptrend as price extends the bullish sequence of higher highs and higher lows. Attention is on $1143.50 next, Jul 14, 2016 high (cont). Key trend support has been defined at $1045.00.

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