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(X2) Bearish Threat

SOY TECHS
  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1584.75 - High Jun 9 and the bull trigger
  • RES 2: $1556.75 - High Jun 17
  • RES 1: $1515.25 - 50-day EMA
  • PRICE: $1443.50 @ 13:44 BST Jun 23
  • SUP 1: $1483.00 - Intraday low
  • SUP 2: $1438.25 - Low May 9 and key support
  • SUP 3: $1394.00 - Low Apr 1
  • SUP 4: $1351.50 - Low Jan 31

Soybean futures maintain this week’s bearish cycle and the move lower has reversed the recent bullish theme. Today’s extension lower has resulted in a break of support at $1438.25, the May 9 low and a key support. A continuation lower would signal scope for weakness towards the next key support at $1394.00, the Apr 1 low. On the upside, initial resistance is at $1509.13, the 50-day EMA.

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