Free Trial

(X3) Heading South

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: $1329.56/1435.00 - 50-day EMA / High Jul 24 and bull trigger
  • PRICE: $1267.50 @ 13:44 BST Oct 3
  • SUP 1: $1256.75 - Low Jun 28
  • SUP 2: $1246.81 - 61.8% retracement of the May 31 - Jul 24 bull leg
  • SUP 3: $1202.38 - 76.4% retracement of the May 31 - Jul 24 bull leg
  • SUP 4: $1167.00 - Low Jun 8

Soybean futures started this week’s session on a softer note and the contract has traded lower today. Price has breached former support at $1282.25, the Aug 8 low and this has exposed support at 1256.75, the Jun 28 low. A break of this level would strengthen the case for bears and pave the way for weakness towards $1202.38, a Fibonacci retracement point. Initial firm resistance is at $1331.75, 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.