Free Trial

(X1) Downtrend Intact

SOY TECHS
  • RES 4: $1466.00 - High Jun 8
  • RES 3: $1379.75/1423.00 - High Aug 17 / High Jul 1
  • RES 2: $1308.00/39.50 - High Sep 16 / High Aug 25
  • RES 1: $1297.00 - High Sep 27 and a key resistance
  • PRICE: $1244.50 @ 13:44 BST Oct 7
  • SUP 1: $1230.38 - 38.2% retracement of the Apr '20 - Jun '21 rally
  • SUP 2: $1200.00 - Psychological round number
  • SUP 3: $1184.00 - Low Mar 31, 2020
  • SUP 4: $1153.25 - 50.0% retracement of the Apr '20 - Jun '21 rally

Soybean futures remain in a downtrend. The contract has recently breached support at $1257.50, Sep 21 low, reinforcing bearish conditions following the recent break of $1308.75, Aug 3 low. Price has also established a bearish sequence of lower lows and lower highs and moving average studies are in a bear mode. Attention is on $1230.38, a Fibonacci retracement. Resistance is at $1297.00, Sep 27 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.