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(X1) Bearish Theme Remains Intact

SOY TECHS

SOYBEAN 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: $1339.50 - High Aug 25
  • PRICE: $1286.00 @ 13:44 BST Sep 8
  • SUP 1: $1270.00 - Low Sep 1 and the bear trigger
  • 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 maintain a bearish theme following the recent break of support at $1308.75, Aug 3 low. This signals scope for a deeper pullback with attention on $1259.75, the Jun 25 low and $1240.50, Jun 17 low and a key support. Last week's move lower also reinforces a bearish theme. On the upside, key S/T resistance is unchanged at $1379.75, Aug 17 high. A break of this level would alter the picture and highlight a bullish set-up instead.

Energy BulletsCommodities
Energy BulletsCommodities

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