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Free Access(X2) Outlook Remains Bullish
- RES 4: $1600.00 - Psychological round number
- RES 3: $1584.75 - High Jun 9 and the key resistance
- RES 2: $1556.75 - High Jul 11
- RES 1: $1514.82 - 76.4% retracement of the Jun 9 - Jul 22 bear leg
- PRICE: $1455.25 @ 13:44 BST Sep 15
- SUP 1: $1425.69/1373.00 - 50-day EMA / Low Sep 8
- SUP 2: $1356.00/1288.50 - Low Aug 3 / Low Jul 22 and bear trigger
- SUP 3: $1276.00 - Low Jan 18
- SUP 4: $1262.75 - Low Dec 30 2021
Key short-term resistance in Soybean futures at $1489.00, Jul 29 high, has been pierced this week. A clear break would undermine a recent bearish theme and signal potential for a stronger short-term recovery. This would open $1514.82 initially, a Fibonacci retracement. Further out, scope would be seen for a climb towards $1584.75, the Jun 9 high. On the downside, key support is at $1373.00, the Sep 8 low. A break of this level would be bearish.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.