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(X4) Bear Cycle Intact

SOY TECHS
  • RES 4: $1271.19 - 76.4% of the Nov 21 ‘23 - Feb 26 bear leg
  • RES 3: $1242.81 - 61.8% of the Nov 21 ‘23 - Feb 26 bear leg
  • RES 2: $1230.50 - High May 7
  • RES 1: $1163.69 - 50-day EMA
  • PRICE: $1110.00 @ 13:44 BST Jun 28
  • SUP 1: $1101.00 - Low Jun 26
  • SUP 2: $1100.00 - Psychological round number
  • SUP 3: $1082.06 - 0.764 proj of Nov 21 ‘23 - Feb 26 - Jun 7 swing
  • SUP 4: $1036.25 - 1.00 proj of Nov 21 ‘23 - Feb 26 - Jun 7 swing

Soybean futures remain soft and the move lower this week reinforces a bearish theme. The recent break of support at $1146.75, the Apr 19 low, and a key support at $1122.75, the Feb 26 low, also strengthens a bearish theme. Furthermore, moving average studies have crossed and are in a bear-mode set-up, highlighting a downtrend. Sights are on the $1100.00 handle. Initial resistance is at $1163.69, the 50-day EMA.

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