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(X1) Corrective Cycle

SOY TECHS
  • RES 4: $1537.38 - 0.764 proj of Mar 31 - May 12 - May 26 price swing
  • RES 3: $1500.00 - Round number resistance
  • RES 2: $1496.94 - 0.618 proj of Mar 31 - May 12 - May 26 price swing
  • RES 1: $1480.00 - High Jun 7 and the bull trigger
  • PRICE: $1384.00 @ 13:44 BST Jun 15
  • SUP 1: $1360.69 - 50-day EMA
  • SUP 2: $1325.75 - Low May 26 and key support
  • SUP 3: $1312.00 - Low Apr 30
  • SUP 4: $1285.00 - High Apr 1

Soybean futures started the week on a softer note. Yesterday's break lower has resulted in a clean breach of the 20-day EMA and signals scope for a deeper corrective pullback. Attention turns to the 50-day EMA at $1360.69 and the key support at $1325.75, May 26 low. A break of the latter would strengthen a bearish case. Key resistance has been defined at last week's $1480.00 high.

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