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(X3) Corrective Cycle Still In Play

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: $1322.75/1435.00 - High Sep 20 / High Jul 24 and bull trigger
  • PRICE: $1312.00 @ 13:44 BST Oct 20
  • SUP 1: $1250.50 - Low Oct 12 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 continue to recover from $1250.50, the Oct 12 low. Short-term gains are considered corrective and the trend condition remains bearish. Price has recently breached former support at $1282.25, Aug 8 low and pierced $1256.75, Jun 28 low. A clear break and a close below this level would strengthen the case for bears and open $1202.38, a Fibonacci retracement point. Initial resistance is at $1322.75, the Sep 20 high.

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