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(X3) Bear Cycle Extends

SOY TECHS
  • RES 4: $1504.25 - 1.00 proj of the May 31 - Jun 21 - Jun 28 swing
  • RES 2: $1504.25 - High 9 Jun’22
  • RES 1: $1448.25 - High Apr 29
  • RES 1: $1435.00 - High Jul 24 and the bull trigger
  • PRICE: $1332.50 @ 13:44 BST Aug 1
  • SUP 1: $1322.75 - Low Jul 31
  • SUP 2: $1256.75 - Low Jun 28
  • SUP 3: $1202.50 - Low Jun 12
  • SUP 4: $1167.00 - Low Jun 8

Soybean futures traded lower again yesterday. The contract has breached the 20-day EMA, and is testing the 50-day EMA - at $1327.75. The move lower is considered corrective, however, a clear break of the 50-day EMA would open $1256.75, the Jun 28 low. Key resistance and the bull trigger has been defined at $1435.00, the Jul 24 high. A break of this level would resume the recent uptrend.

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