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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 - Intraday high
  • PRICE: $1059.50 @ 12:12 GMT Oct 28
  • SUP 1: $1053.25 - 20-day EMA
  • 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 broadeer uptrend and maintains a bullish price sequence of higher highs and higher lows. The move lower this week is likely a short-term correction and the next support is seen at 1053.25, the 20-day EMA. On the upside, the bull trigger is at 1088.50, Tuesday's high.

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