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(X2) Gains Considered Corrective

SOY TECHS
  • RES 4: $1556.75 - High Jul 11
  • RES 3: $1507.75 - High Jun 30
  • RES 2: $1426.19 - 50-day EMA
  • RES 1: $1393.00 - High Jul 18
  • PRICE: $1371.75 @ 13:20 BST Jul 26
  • 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 have recovered from recent lows. The current trend direction is down and short-term gains are considered corrective. A bearish theme follows recent weakness that resulted in a range breakout on Jul 1 / 5. A bearish price sequence of lower lows and lower highs has been established. A resumption of weakness would pave the way for a move towards $1276.00, the Jan 18 low. Initial resistance is at $1393.00, Jul 18 low.

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