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(X1) Extends Gains

SOY TECHS
  • RES 4: $1500.00 - Round number resistance
  • RES 3: $1493.75 - 0.618 proj of Mar 31 - May 12 - May 26 price swing
  • RES 2: $1461.00 - High May 12 and the bull trigger
  • RES 1: $1438.75 - Intraday high
  • PRICE: $1424.50 @ 13:09 BST Jun 3
  • SUP 1: $1374.75 - 20-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 are pushing higher once again, extending the recovery from $1325.25, May 26 low. The bounce on May 26 was just ahead of the 50-day EMA. The continued recovery highlights the bullish significance of the failure to test the EMA and with moving average conditions in a bull mode, signals scope for a test of the key resistance and bull trigger at $1461.00, May 12 high. Initial support is at $1374.75, the 20-day EMA.

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