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(X3) Corrective Cycle Extends

SOY TECHS
  • RES 4: $1386.50 - High Mar 6
  • RES 3: $1325.50 - High Apr 18
  • RES 2: $1285.75 - High May 8
  • RES 1: $1235.75 - 50-day EMA
  • PRICE: $1225.75 @ 13:44 BST Jun 13
  • SUP 1: $1130.50 - Low May 31
  • SUP 2: $1253.00 - Low Jul 3 2022
  • SUP 3: $1142.25 - 1.236 proj of Apr 29 - Jul 22 - Dec 30 2022 swing
  • SUP 4: $1108.50 - 1.382 proj of Apr 29 - Jul 22 - Dec 30 2022 swing

Soybean futures continue to appreciate and the contract is approaching resistance at the 50-day EMA, which intersects at $1235.75. A clear break of this EMA would strengthen bullish conditions and signal scope for a stronger recovery. Note that the trend condition remains bearish and recent gains still appear to be a correction. A reversal lower would refocus attention on key support and the bear trigger at $1130.50, the May 31 low.

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