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(X3) Heading North

SOY TECHS
  • RES 4: $1448.25 - High Apr 29
  • RES 2: $1434.25 - High 9 Jun’22
  • RES 1: $1429.13 - 2.0% Upper Bollinger Band
  • RES 1: $1428.75 - High Jul 20
  • PRICE: $1417.50 @ 14:30 BST Jul 24
  • SUP 1: $1351.56 - 20-day EMA
  • SUP 2: $1309.75 - 50-day EMA
  • SUP 3: $1256.75 - Low Jun 28
  • SUP 4: $1202.50 - Low Jun 12

Soybean futures traded higher last week touching a new trend high of 1428.75 on Jul 19. This marks an extension of the convincingly bullish theme and puts prices at the best levels since December last year in the X3 contract. The break higher clears the way for a move towards the early Jun’22 high of 1434.25. Key support remains $1351.56, the 50-day EMA. A clear break of the average would highlight a possible reversal.

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