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TECHS: Soybean: (F1) Unwinding Recent Gains

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: $1052.75 @ 11:09 GMT Oct 29
  • SUP 1: $1050.50 - Intraday low
  • SUP 2: $1048.25 - Low Oct 19
  • SUP 3: $1038.25 - Low Oct 15
  • SUP 4: $1034.25 - Low Oct 12 and key support

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 with further weakness likely near-term. Futures have traded through trendline support drawn off the Aug 12 low. A deeper sell-off would open $1034.25, Oct 12 low. On the upside, the bull trigger is at 1088.50, Tuesday's high.

Energy BulletsCommodities
Energy BulletsCommodities

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