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(X1) Bearish Focus

SOY TECHS
  • RES 4: $1500.00 - Round number resistance
  • RES 3: $1496.94 - 0.618 proj of Mar 31 - May 12 - May 26 price swing
  • RES 2: $1480.00 - High Jun 7 and the bull trigger
  • RES 1: $1377.81 - 20-day EMA
  • PRICE: $1285.25 @ 13:22 BST Jun 21
  • SUP 1: $1240.50 - Low Jun 17
  • SUP 2: $1200.00 - Psychological round number
  • SUP 3: $1185.50 - Low Mar 30
  • SUP 4: $1151.75 - Low Feb 11

Soybean futures traded sharply lower last week and the outlook remains bearish. The move lower resulted in a break of support at $1325.75, May 26 low. Furthermore, price also breached both the 20- and 50-day EMAs. This signals scope for a deeper pullback with attention turning to the $1200.00 level next and $1185.50, Mar 30 low. Initial resistance is seen at $1377.81, the 20-day EMA.

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