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(X3) Trend Outlook Remains 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: $1368.50 @ 15:27 BST Jul 5
  • SUP 1: $1268.00/56.75 - 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 remains bullish. Last Friday’s gains and Monday’s initial follow through have reinforced a bullish theme. The contract has pierced key resistance at $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 - any pullback would be considered corrective. Key support lies at $1268.00, the 50-day EMA.

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