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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 bull trigger
  • PRICE: $1294.25 @ 13:44 BST Sep 25
  • SUP 1: $1282.25 - Low Aug 8 and key support
  • SUP 2: $1256.75 - Low Jun 28
  • SUP 3: $1202.50 - Low Jun 12
  • SUP 4: $1167.00 - Low Jun 8

Soybean futures remain below the Aug 28 high of $1409.50 and the contract is trading at its recent lows. The recent move lower threatens a recent bullish theme and instead signals scope for weakness towards key support at $1282.25, the Aug 8 low. A clear break of this level would strengthen a bearish theme. On the upside, key resistance and the bull trigger is at $1435.00, the Jul 24 high.

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