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(X1) Bear Trend Sequence Extends

SOY TECHS
  • RES 4: $1379.75/1423.00 - High Aug 17 / High Jul 1
  • RES 3: $1308.00/39.50 - High Sep 16 / High Aug 25
  • RES 2: $1297.00 - High Sep 27 and a key resistance
  • RES 1: $1262.50 - High Oct 8
  • PRICE: $1223.50 @ 13:44 BST Oct 12
  • SUP 1: $1200.00 - Psychological round number
  • SUP 2: $1184.00 - Low Mar 31, 2020\
  • SUP 3: $1153.25 - 50.0% retracement of the Apr '20 - Jun '21 rally
  • SUP 4: $1135.75 - Low Feb 3

Soybean futures remain in a downtrend. The contract has recently breached support at $1257.50, Sep 21 low, reinforcing bearish conditions and the subsequent follow through has also resulted in a break of $1240.50, Jun 17 low. This maintains the bearish sequence of lower lows and lower highs and moving average studies are in a bear mode. Attention turns to the psychological $1200.00 level. Resistance is at $1262.50, Oct 8 high.

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