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(X3) I Through The 50-Day EMA

SOY TECHS
  • RES 4: $1386.50 - High Mar 6
  • RES 3: $1338.75 - High Mar 4 and a key resistance
  • RES 2: $1285.75 - High May 8
  • RES 1: $1264.25 - Intraday high
  • PRICE: $1261.50 @ 13:44 BST Jun 15
  • SUP 1: $1167.001130.50 - Low Jun 8 / Low May 31 and key support
  • SUP 2: $1253.00 - Low Jul 3 2022
  • SUP 3: $1142.25 - 1.236 proj of Apr 29 - Jul 22 - Dec 30 2022 swing
  • SUP 4: $1108.50 - 1.382 proj of Apr 29 - Jul 22 - Dec 30 2022 swing

Soybean futures have traded above the 50-day EMA this week, which intersects at $1236.06. The contract is firmer again today. A clear break of the EMA strengthens the bullish condition and signals scope for a stronger recovery towards $1285.75, May 8 high. Note that the primary trend remains bearish and recent gains appear to be a correction. A reversal lower would refocus attention on key support and bear trigger at $1130.50, May 31 low.

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