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(X3) Bullish Impulsive Rally Extends

SOY TECHS
  • RES 4: $1427.75 - High Dec 30 2022
  • RES 3: $1402.00 - High Feb 22
  • RES 2: $1386.50 - High Mar 6
  • RES 1: $1338.75 - High Mar 4 and a key resistance
  • PRICE: $1317.00 @ 13:44 BST Jun 16
  • SUP 1: $1238.25 - 50-day EMA
  • 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 maintain this week’s strong impulsive bull rally and the contract is climbing again today. Recent gains have resulted in a break of the 50-day EMA. This has strengthened the bullish condition and signals scope for a stronger recovery towards $1338.75, the Mar 4 high the next key resistance. On the downside, initial firm support is seen at $1238.25, the Jun 15 low.

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