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(X2) MA Studies Highlight A Bearish Condition

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: $1436.63 - 61.8% retracement of the Jun 9 - Jul 22 downleg
  • PRICE: $1430.25 @ 13:44 BST Aug 9
  • 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 are trading higher today as the contract extends the bounce from $1356.00, the Aug 3 low and first support. Resistance has been defined at $1489.00, the Jul 29 high. Moving average studies continue to highlight a bearish condition. A break below $1356.00 would strengthen the bearish theme and open $1288.50, the Jul 222 low and bear trigger. On the upside, clearance of $1489.00 would instead represent a bullish development.

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