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(X1) Corrective Cycle Extends

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: $1367.50 @ 13:40 BST Jun 16
  • SUP 1: $1347.50 - Intraday low
  • 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 and remains weak. The contract has breached the 20-day EMA signalling scope for a deeper corrective pullback. Attention is to the 50-day EMA at $1361.19 that has been probed today. A break would signal scope for a deeper pullback and open key support at $1325.75, May 26 low. A breach of the latter would strengthen a bearish case. Key resistance is at last week's $1480.00 high.

Energy BulletsCommodities
Energy BulletsCommodities

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