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(X3) Trend Condition Is Bullish

SOY TECHS
  • RES 4: $1448.25 - High Apr 29
  • RES 3: $1427.75 - High Dec 30 2022
  • RES 2: $1402.00 - High Feb 22
  • RES 1: $1391.75 - High Jul 3
  • PRICE: $1364.25 @ 13:44 BST Jul 11
  • SUP 1: $1278.56/56.75 - 50-day EMA / Low Jun 28
  • SUP 2: $1167.00/1130.50 - Low Jun 8 / Low May 31 and key support
  • SUP 3: $1253.00 - Low Jul 3 2022
  • SUP 4: $1142.25 - 1.236 proj of Apr 29 - Jul 22 - Dec 30 2022 swing

The Soybean futures outlook is bullish and the latest pullback is considered corrective. Recent gains have reinforced a bullish theme. On Jul 3, the contract pierced $1378.00, the Jun 21 high. This signals scope for a climb towards $1402.00, the Feb 22 high and the next important resistance. Note that the trend condition is overbought - the latest move lower has allowed this condition to unwind. Key support is at $1278.56, 50-day EMA.

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