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(X3) Corrective Pullback

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: $1435.00 - High Jul 24
  • PRICE: $1386.25 @ 13:44 BST Jul 28
  • SUP 1: $1372.38 - 20-day EMA
  • SUP 2: $1325.38 - 50-day EMA
  • SUP 3: $1256.75 - Low Jun 28
  • SUP 4: $1202.50 - Low Jun 12

Soybean futures have pulled back from recent highs - the move lower is considered corrective. Recent gains confirmed an extension of the current bullish theme and maintains the positive price sequence of higher highs and higher lows. This paves the way for a move towards the April 29 2022 high of $1448.25. Key support remains $1372.38, the 20-day EMA. A clear breach of this average would highlight a stronger corrective cycle.

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