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(X2) Bullish Outlook

SOY TECHS
  • RES 4: $1600.00 - Psychological round number
  • RES 3: $1584.75 - High Jun 9 and the key resistance
  • RES 2: $1556.75 - High Jul 11
  • RES 1: $1514.82 - 76.4% retracement of the Jun 9 - Jul 22 bear leg
  • PRICE: $1470.00 @ 13:15 BST Sep 22
  • SUP 1: $1430.88/1373.00 - 50-day EMA / Low Sep 8
  • SUP 2: $1356.00/1288.50 - Low Aug 3 / Low Jul 22 and bear trigger
  • SUP 3: $1276.00 - Low Jan 18
  • SUP 4: $1262.75 - Low Dec 30 2021

Key short-term resistance in Soybean futures at $1489.00, the Jul 29 high, has recently been pierced. A clear break would undermine a recent bearish theme and signal potential for a stronger short-term recovery. This would open $1514.82 initially, a Fibonacci retracement. Further out, scope would be seen for a climb towards $1584.75, the Jun 9 high. On the downside, key support is at $1373.00, the Sep 8 low. A break of this level would be bearish.

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