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(X1) Under Pressure

SOY TECHS
  • RES 4: $1500.00 - Round number resistance
  • RES 3: $1496.94 - 0.618 proj of Mar 31 - May 12 - May 26 price swing
  • RES 2: $1480.00 - High Jun 7 and the bull trigger
  • RES 1: $1398.50 - 20-day EMA
  • PRICE: $1317.00 @ 12:41 BST Jun 17
  • SUP 1: $1312.00 - Low Apr 30
  • SUP 2: $1300.00 - Psychological round number
  • SUP 3: $1285.00 - High Apr 1
  • SUP 4: $1242.75 - Low Apr 12

Soybean futures started the week on a softer note and the contract remains under pressure. Today's price action has seen support at $1325.75 cleared, May 26 low. Furthermore, price has this week breached both the 20- and 50-day EMAs. This signals scope for a deeper pullback with attention turning to $1312.00 next, Apr 30 low, ahead of the psychological $1300.00 handle. On the upside, initial resistance is seen at $1398.50, the 20-day EMA.

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