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(X3) Outlook Remains Bullish

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 bull trigger
  • PRICE: $1385.25 @ 13:44 BST Aug 31
  • SUP 1: $1282.25 - Low Aug 8
  • SUP 2: $1256.75 - Low Jun 28 and key support
  • SUP 3: $1202.50 - Low Jun 12
  • SUP 4: $1167.00 - Low Jun 8

Soybean futures started the week on a bullish, trading higher Monday and extending the recovery from $1282.25, the Aug 8 low. The recent move down between Jul 24 - Aug 8, is considered corrective and the recovery since Aug 8 reinforces this theme. A continuation higher would expose $1435.00, the Jul 24 high and bull trigger. Key support has been defined at $1282.25. A break of this level would reinstate a bearish theme.

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