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(X1) Bearish Focus

SOY TECHS
  • RES 4: $1480.00 - High Jun 7 and the key bull trigger
  • RES 3: $1466.00 - High Jun 8
  • RES 2: $1379.75/1423.00 - High Aug 17 / High Jul 1
  • RES 1: $1313.31/39.50-day EMA / High Aug 25
  • PRICE: $1286.25 @ 13:44 BST Sep 23
  • SUP 1: $1257.50 - Low Sep 21
  • SUP 2: $1259.75 - Low Jun 25
  • SUP 3: $1240.50 - Low Jun 17 and key support
  • SUP 4: $1200.00 - Psychological round number

Soybean futures traded lower earlier this week before finding support. The outlook is unchanged and a bearish theme dominates following the recent break of $1308.75, Aug 3 low. The contract has also established a bearish price sequence of lower lows and lower highs. The focus is on $1259.75, Jun 25 low and $1240.50, Jun 17 low and a key support. Key S/T resistance is unchanged at $1379.75, Aug 17 high. Initial resistance is at $1318.32.

Energy BulletsCommodities
Energy BulletsCommodities

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