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(X3) Bearish Outlook

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: $1323.44/1435.00 - 50-day EMA / High Jul 24 and bull trigger
  • PRICE: $1270.75 @ 14:32 BST Oct 9
  • SUP 1: $1256.75 - Low Jun 28 and a key support
  • SUP 2: $1246.81 - 61.8% retracement of the May 31 - Jul 24 bull leg
  • SUP 3: $1202.38 - 76.4% retracement of the May 31 - Jul 24 bull leg
  • SUP 4: $1167.00 - Low Jun 8

Soybean futures maintain a softer tone and the contract is trading closer to its recent lows. Price has breached former support at $1282.25, the Aug 8 low and this has exposed support at 1256.75, the Jun 28 low. A break of this level would strengthen the case for bears and pave the way for weakness towards $1202.38, a Fibonacci retracement point. Initial firm resistance is at $1323.44, the 50-day EMA.

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