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(X3) Watching Support At The 50-Day EMA

SOY TECHS
  • RES 4: $1427.75 - High Dec 30 2022
  • RES 3: $1402.00 - High Feb 22
  • RES 2: $1386.50 - High Mar 6
  • RES 1: $1378.00 - High Jun 21
  • PRICE: $1279.00 @ 13:06 BST Jun 30
  • SUP 1: $1261.31/56.75 - 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

Soybean futures outlook remains bullish. However, the short-term trend condition is overbought and the latest pullback is allowing this overbought condition to unwind, as a correction extends. Initial firm support is seen at $1261.31, the 50-day EMA. It has been pierced, a clear break of this average would threaten the current bullish outlook. On the upside, a resumption of gains would refocus attention on $1378.00, the Jun 21 high.

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