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(X2) Trading Near The Top Of Its Range

SOYBEAN
  • RES 4: $1620.25 - 1.236 proj of the Apr 1 -22 - May 9 price swing
  • RES 3: $1600.00 - Round number resistance
  • RES 2: $1585.50 - 1.00 proj of the Apr 1 -22 - May 9 price swing
  • RES 1: $1555.00/60.50 - High Feb 24 and a bull trigger / High May 31
  • PRICE: $1539.25 @ 13:44 BST Jun 7
  • SUP 1: $1494.75 - 50-day EMA
  • 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 are consolidating, but importantly for bulls, are trading closer to recent highs. The contract has briefly tested levels above the top of its range. Key resistance is the $1555.00 area - the range top and the Feb 24 high. The trend outlook is bullish and a breach of $1555.00 would confirm a range breakout and a resumption of the uptrend. This would open $1600.00. Weakness below $1438,25, May 9 low, would be a bearish development.

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