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TECHS: SOYBEAN: (F1) Resumes Its Uptrend

COMMODITIES
  • RES 4: $1150.25 - High Jul 5, 2016 (cont)
  • RES 3: $1143.50 - High Jul 14, 2016 (cont)
  • RES 2: $1107.50 - 76.4% of the 2016 - 2019 downleg (cont)
  • RES 1: $1104.00 - Intraday high
  • PRICE: $1098.50 @ 12:22 GMT Nov 5
  • SUP 1: $ 1083.50 - Intraday low
  • 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 continue to recover off Monday's low of $1045.00 and today's gains have seen the contract trade through the former resistance and bull trigger at $1088.5, Oct 27 high. This confirms a resumption of the underlying uptrend as price extends the bullish sequence of higher highs and higher lows. Attention is on $1107.50 next, 76.4% of the 2016 - 2019 downleg (cont). Key trend support has been defined at $145.00.

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