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(X2) Corrective Bounce Still In Play

SOY TECHS
  • RES 4: $1556.75 - High Jul 11
  • RES 3: $1507.75 - High Jun 30
  • RES 2: $1471.56 - 61.8% retracement of the Jun 9 - Jul 22 bear cycle
  • RES 1: $1438.50 - High Jul 11
  • PRICE: $1433.750 @ 14:42 BST Jul 28
  • 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 continue to recover from recent lows. The current trend direction is down and the latest bounce is considered corrective. However, given the extent of the recovery this week, potential is seen for a stronger rally short-term. The contract is above the 50-day EMA and a continuation higher would open $1471.56, a Fibonacci retracement. Key support has been defined at $1288.50.

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