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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 and bull trigger
  • PRICE: $1364.00 @ 13:44 BST Sep 5
  • SUP 1: $1341.94/1282.25 - 50-day EMA / Low Aug 8 and key support
  • SUP 2: $1256.75 - Low Jun 28
  • SUP 3: $1202.50 - Low Jun 12
  • SUP 4: $1167.00 - Low Jun 8

Soybean futures are trading lower today starting the week on a bearish note and price remains below last week’s high. The move down is considered corrective and the trend outlook is bullish - moving average studies continue to highlight an uptrend. A resumption of gains would signal scope for a climb towards $1435.00, the Jul 24 high and bull trigger. Firm support is seen at $1341.94, the 50-day EMA. A key support lies at $1282.25, the Aug 8 low.

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