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(X1) Still Looking For Short-Term Weakness

SOY TECHS
  • RES 4: $1480.00 - High Jun 7 and the key bull trigger
  • RES 3: $1466.00 - High Jun 8
  • RES 2: $1379.75/1423.00 - High Aug 17 / High Jul 1
  • RES 1: $ 1344.00 - 50-day EMA
  • PRICE: $1329.75 @ 12:49 BST Aug 26
  • SUP 1: $1277.25 - Low Aug 20
  • SUP 2: $1259.75 - Low Jun 25
  • SUP 3: $1240.50 - Low Jun 17 and key support
  • SUP 4: $1200.00 - Psychological round number

Soybean futures traded lower Aug 20 and in the process breached support at $1308.75, Aug 3 low. The break lower signals scope for a deeper pullback with attention on $1259.75, Jun 25 low and $1240.50, the Jun 17 low and a key support. On the upside, key short-term resistance has been defined at $1379.75, Aug 17 high. A break of this level would reverse the short-term theme and highlight a bullish set-up instead.

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