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SOYBEAN TECHS: (F1) Extends This Week's Recovery

COMMODITIES
  • RES 4: $1107.50 - 76.4% retracement of the 2016 - 2019 downleg
  • RES 3: $1100.00 - Round number resistance
  • RES 2: $1088.50 - High Oct 27 and the bull trigger
  • RES 1: $1075.75 - High Oct 29
  • PRICE: $1071.00 @ 12:16 GMT Nov 4
  • SUP 1: $1045.00 - Low Nov 2 and the near-term bear trigger
  • SUP 2: $1038.25 - Low Oct 15
  • SUP 3: $1034.25 - Low Oct 12 and key support
  • SUP 4: $1020.44 - 50-day EMA

Soybean futures continue to recover off Monday's low of $1045.00. Despite recent gains, a bearish corrective cycle remains in place. Last week's move lower resulted in a breach of trendline support drawn off the Aug 12 low. A deeper sell-off would open $1034.25, Oct 12 low ahead of $1020.44 the 50-day EMA. Initial resistance is at $1075.75, Oct 29 where a break is required to ease bearish pressure and open $1088.50.

Energy BulletsCommodities
Energy BulletsCommodities

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