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(X2) Retracement Extends Below The 50-Day EMA

SOY TECHS

SOY TECHS:

  • RES 4: $1641.75 - 1.382 proj of the Apr 1 -22 - May 9 price swing
  • RES 3: $1620.25 - 1.236 proj of the Apr 1 -22 - May 9 price swing
  • RES 2: $1600.00 - Round number resistance
  • RES 1: $1585.50 - 1.00 proj of the Apr 1 -22 - May 9 price swing
  • PRICE: $1489.25 @ 13:44 BST Jun 22
  • SUP 1: $1483.00 - Intraday low
  • SUP 2: $1438.25 - Low May 9 and key support
  • SUP 3: $1394.00 - Low Apr 1
  • SUP 4: $1351.50 - Low Jan 31

Soybean futures remain bullish, but continue to face resistance and the contract is trading below the June highs. Recent gains resulted in a climb above 1555.00, Feb 24 high and the top of a broad range on the daily chart. The break confirmed a resumption of the primary uptrend and has opened $1585.50, a Fibonacci projection, and $1600.00. For bears, price has breached the 50-day EMA, the next key support to watch is $1438.75.

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