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(X2) Outlook Remains Bearish

SOY TECHS
  • RES 4: $1584.75 - High Jun 9 and the bull trigger
  • RES 3: $1556.75 - High Jun 17
  • RES 2: $1507.75 - High Jun 30
  • RES 1: $1438.50/47.31 - High Jul 11 / 50-day EMA
  • PRICE: $1356.75 @ 13:44 BST Jul 19
  • SUP 1: $1302.50 - Low Jul 5 and the bear trigger
  • SUP 2: $1300.00 - Psychological round number
  • SUP 3: $1276.00 - Low Jan 18
  • SUP 4: $1262.75 - Low Dec 30 2021

Soybean futures remain above recent lows. The outlook is bearish and recent short-term gains appear corrective in nature. The sell-off early July resulted in a break of a key support area highlighted by; $1403.00, Feb 25 low, $1394.00, Apr 1 low and $1399.25, Jul 1 low - the base of a range that started in February. A key resistance is at the 50-day EMA, at $1447.31. The bear trigger is $1302.50, the Jul 5 low.

Energy BulletsCommodities
Energy BulletsCommodities

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