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(X2) Short-Term Gains Considered Corrective

SOY TECHS
  • RES 4: $1584.75 - High Jun 9 and the key resistance
  • RES 3: $1556.75 - High Jul 11
  • RES 2: $1514.82 - 76.4% retracement of the Jun 9 - Jul 22 bear leg
  • RES 1: $1437.25 - High Sep 27
  • PRICE: $1392.75 @ 14:58 BST Oct 10
  • SUP 1: $1350.00 - Low Jun 6
  • SUP 2: $1288.50 - Low Jul 22 and bear trigger
  • SUP 3: $1276.00 - Low Jan 18
  • SUP 4: $1262.75 - Low Dec 30 2021

Soybean futures traded sharply lower on Sep 30 and in the process breached support at $1373.00, the Sep 8 low. This cancels a recent bullish outlook and instead strengthens a short-term bearish case and signals scope for weakness towards $1288.50, the Jul 22 low and key support. On the upside, initial firm resistance is seen at $1437.25, the Sep 27 high, where a break is required to ease the bearish threat. For now, gains are considered corrective.

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