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(X1) Needle Points North

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: $1430.50 - High Jun 14
  • PRICE: $1405.50 @ 13:14 BST Jul 2
  • SUP 1: $1291.50 - Low Jub 30
  • 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

The near-term outlook in Soybean futures has improved. This follows Wednesday's strong rally and price at the recent highs. The recovery signals the potential end of the recent corrective pullback and a key support has been defined at $1240.50 Jun 17 low. Further gains would pave the way for a test of $1480.00, Jun 7 trend high and the bull trigger. Initial support is at Wednesday's low of $1291.50.

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