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(X3) Corrective Pullback 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: $1378.00 - High Jun 21
  • PRICE: $1284.75 @ 13:44 BST Jun 27
  • SUP 1: $1259.56 - 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

The Soybean futures outlook remains bullish. However, the short-term trend condition is overbought and the latest pullback is allowing this overbought condition to unwind as a correction extends. Initial firm support is seen at $1259.56, the 50-day EMA and a clear break of the average would threaten the current bullish outlook. On the upside, a resumption of recent gains would signal scope for $1386.50, Mar 6 high, and $1402.00, the Feb 22 high.

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