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(X1) Corrective Cycle
- 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: $1235.50 @ 13:44 BST Oct 21
- SUP 1: $1184.00 - Low Mar 31, 2020
- SUP 2: $1153.25 - 50.0% retracement of the Apr '20 - Jun '21 rally
- SUP 3: $1135.75 - Low Feb 3
- SUP 4: $1097.00 - Jan 25low
Soybean futures remain in a downtrend and recent gains appear corrective in nature. The contract has recently breached $1257.50, Sep 21 low, reinforcing bearish conditions. The subsequent follow through 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 remain in a bear mode. Attention is on $1184.00, Mar 31 low. Firm resistance is at $1262.50.
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