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(X2) Range Base Provides Support

SOY TECHS
  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1584.75 - High Jun 9 and the bull trigger
  • RES 2: $1556.75 - High Jun 17
  • RES 1: $1497.31 - 50-day EMA
  • PRICE: $1469.50 @ 13:44 BST Jun 30
  • SUP 1: $1399.25 - Low Jun 24
  • SUP 2: $1394.00 - Low Apr 1
  • SUP 3: $1362.25 - Low Feb 1
  • SUP 4: $1325.50 - Low Jan 27

Soybean futures sold off sharply last week and arrived at a key area of support. The $1400.00 handle is the base of a range that started Feb 24 and has provided support on; Feb 25 ($1403.00 low), on Apr 1 ($1394.00 low) and on Friday at $1399.25. This base has again provided firm support and the contract has recovered this week. An extension higher would open 1498.13, the next key short-term resistance.

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  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1584.75 - High Jun 9 and the bull trigger
  • RES 2: $1556.75 - High Jun 17
  • RES 1: $1497.31 - 50-day EMA
  • PRICE: $1469.50 @ 13:44 BST Jun 30
  • SUP 1: $1399.25 - Low Jun 24
  • SUP 2: $1394.00 - Low Apr 1
  • SUP 3: $1362.25 - Low Feb 1
  • SUP 4: $1325.50 - Low Jan 27

Soybean futures sold off sharply last week and arrived at a key area of support. The $1400.00 handle is the base of a range that started Feb 24 and has provided support on; Feb 25 ($1403.00 low), on Apr 1 ($1394.00 low) and on Friday at $1399.25. This base has again provided firm support and the contract has recovered this week. An extension higher would open 1498.13, the next key short-term resistance.