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(X1) Intraday Rallies Sold

SOY TECHS
  • RES 4: $1496.94 - 0.618 proj of Mar 31 - May 12 - May 26 price swing
  • RES 3: $1480.00 - High Jun 7 and the bull trigger
  • RES 2: $1466.00 - High Jun 8
  • RES 1: $1423.00 - High Jul 1
  • PRICE: $1334.00 @ 12:28 BST Aug 12
  • SUP 1: $1300.50 - Low Jul 6
  • SUP 2: $1240.50 - Low Jun 17 and key short-term support
  • SUP 3: $1200.00 - Psychological round number
  • SUP 4: $1185.50 - Low Mar 30

Soybean futures initially traded well Wednesday, but gains were sold into the close, keeping the outlook neutral for now. Intraday rallies remain shy of the early July highs for now. Focus is on resistance at $1423.00, Jul 1 high. A break would negate recent bearish signals and highlight a stronger short-term tone and the potential for a climb towards this year's high of $1480.00 from Jul 6. Clearance of $1480.00 would confirm a resumption of the primary uptrend. Initial firm support is at $1300.50, July 6 low. A break would be bearish.

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