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(X1) Downtrend Remains 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: $1252.25 @ 13:44 BST Oct 6
  • 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 following this week's resumption of the trend. 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. The contract has also established a price sequence of lower lows and lower highs and MA studies are in a bear mode. Attention is on $1230.38, a Fibonacci retracement. Resistance is at $1297.00, Sep 27 high.

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