Free Trial

TECHS: Soybean: (F1) Bearish S/T Outlook

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: $1058.00 @ 11:14 GMT Oct 30
  • SUP 1: $1046.75 - Intraday low
  • SUP 2: $1038.25 - Low Oct 15
  • SUP 3: $1034.25 - Low Oct 12 and key support
  • SUP 4: $ 1015.69 - 50-day EMA

Soybean futures maintain a bullish outlook. The recent breach of former resistance at $1077.00, Oct 9 high confirmed a resumption of the broader uptrend. The contract however is currently in a corrective phase following this week's move lower and further weakness likely near-term. Futures have breached trendline support drawn off the Aug 12 low. A deeper sell-off would open $1034.25, Oct 12 low. The bull trigger is at 1088.50, Tuesday's 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.