Free Trial

(X3) Corrective Pullback Extends

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 the bull trigger
  • PRICE: $1353.00 @ 13:44 BST Jul 31
  • SUP 1: $1327.63 - 50-day EMA
  • SUP 2: $1256.75 - Low Jun 28
  • SUP 3: $1202.50 - Low Jun 12
  • SUP 4: $1167.00 - Low Jun 8

Soybean futures have pulled back from recent highs and are trading lower again today. The move lower is considered corrective. Recent gains confirmed an extension of the current bullish theme and this maintains the positive price sequence of higher highs and higher lows to open the April 29 2022 high of $1448.25. The 20-day EMA has been cleared, the next key support lies at $1327.63, the 50-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.