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(X2) Bearish Threat Remains Present

SOY TECHS
  • RES 4: $1556.75 - High Jul 11
  • RES 3: $1507.75 - High Jun 30
  • RES 2: $1489.00 - High Jul 29
  • RES 1: $1428.75 - High Aug 5
  • PRICE: $1399.75 @ 13:44 BST Aug 8
  • SUP 1: $1288.50 - Low Jul 22 and the bear trigger
  • SUP 2: $1276.00 - Low Jan 18
  • SUP 3: $1262.75 - Low Dec 30 2021
  • SUP 4: $1225.50 - Low Dec 14 2021

Soybean futures remain vulnerable following the recent sharp reversal from $1489.00, the Jul 29 high. A continuation lower would set the scene for weakness towards $1288.50, the Jul 22 low and a key support. The broader trend direction remains down and a break of $1288.50 would strengthen bearish conditions. On the upside, clearance of $1489.00 would instead represent a bullish development.

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  • RES 4: $1556.75 - High Jul 11
  • RES 3: $1507.75 - High Jun 30
  • RES 2: $1489.00 - High Jul 29
  • RES 1: $1428.75 - High Aug 5
  • PRICE: $1399.75 @ 13:44 BST Aug 8
  • SUP 1: $1288.50 - Low Jul 22 and the bear trigger
  • SUP 2: $1276.00 - Low Jan 18
  • SUP 3: $1262.75 - Low Dec 30 2021
  • SUP 4: $1225.50 - Low Dec 14 2021

Soybean futures remain vulnerable following the recent sharp reversal from $1489.00, the Jul 29 high. A continuation lower would set the scene for weakness towards $1288.50, the Jul 22 low and a key support. The broader trend direction remains down and a break of $1288.50 would strengthen bearish conditions. On the upside, clearance of $1489.00 would instead represent a bullish development.