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(X2) Holding On To Recent Gains

SOY TECHS
  • RES 4: $1556.75 - High Jul 11
  • RES 3: $1507.75 - High Jun 30
  • RES 2: $1489.00 - High Jul 29 and a key resistance
  • RES 1: $1464.75 - High Aug 12
  • PRICE: $1389.50 @ 15:19 BST Aug 17
  • SUP 1: $1356.00/1288.50 - Low Aug 8 / Low Jul 22 and 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 consolidated Wednesday, trading closer to the week’s lows after the risk-off established by poor China data earlier in the week. Nonetheless, prices remain well off $1356.00, Aug 3 low and first support. Resistance has been defined at $1489.00, Jul 29 high. Moving average studies still highlight a bearish condition. A break below $1356.00 would strengthen the bearish theme and open $1288.50, the Jul 22 low and bear trigger. On the upside, clearance of $1489.00 would instead highlight a bullish development.

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