(X3) Breaks to New Highs

• RES 4: $1448.25 - High Apr 29
• RES 2: $1434.25 - High 9 Jun’22
• RES 1: $1428.75 - High Jul 20
• RES 1: $1422.13 - 2.0% Upper Bollinger Band
• PRICE: $1392.25 @ 12:21 BST Jul 21
• 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

Soybean futures rallied Wednesday with a break to new highs of 1428.75. This marks an extension of the convincingly bullish theme and puts prices at the best levels since December last year in X3 contract terms. Prices topped key resistance at 1427.75 on the move, clearing the way for gains toward the early Jun’22 high of 1434.25. Key support remains $1302.13, the 50-day EMA. A clear break of the average would instead highlight a possible reversal.