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(X3) Breaks to New Highs

SOY TECHS
  • RES 4: $1448.25 - High Apr 29
  • RES 3: $1427.75 - High Dec 30 2022
  • RES 2: $1416.75 - High Jul 19
  • RES 1: $1416.25 - 4.0% 10-dma envelope
  • PRICE: $1413.75 @ 12:35 BST Jul 19
  • SUP 1: $1302.13/56.75 - 50-day EMA / Low Jun 28
  • SUP 2: $1167.00/1130.50 - Low Jun 8 / Low May 31 and key support
  • SUP 3: $1253.00 - Low Jul 3 2022
  • SUP 4: $1142.25 - 1.236 proj of Apr 29 - Jul 22 - Dec 30 2022 swing

The Soybean futures outlook firmed further Wednesday with a break to new highs of 1416.75. This marks a convincingly bullish development and puts prices at the best levels since December last year. This signals scope for a climb towards $1427.75, the Dec 30 2022 high and the next important resistance. Key support is at $1302.13, the 50-day EMA. A clear break of the average would instead highlight a possible reversal.

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