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(X3) Bear Leg Extends, Exposing A Key Support

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: $1351.19/1435.00 - 20-day EMA / High Jul 24 and bull trigger
  • PRICE: $1286.25 @ 13:44 BST Aug 8
  • SUP 1: $1283.00 - Intraday low
  • SUP 2: $1256.75 - Low Jun 28 and key support
  • SUP 3: $1202.50 - Low Jun 12
  • SUP 4: $1167.00 - Low Jun 8

Soybean futures started the week on a softer note and price is trading lower again today. Recent weakness is considered corrective, however, a bearish extension together with a recent breach of the 50-day EMA, signals scope for a deeper retracement towards $1256.75, the Jun 28 low and a key near-term support. Clearance of this level would strengthen a bear threat. Key resistance and the bull trigger has been defined at $1435.00, the Jul 24 high.

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