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(X4) Bear Cycle Remains In Play

SOY TECHS
  • RES 4: $1230.50 - High May 7 and key resistance
  • RES 3: $1201.50 - High May 31
  • RES 2: $1159.38 - 50-day EMA
  • RES 1: $1135.63 - 20-day EMA
  • PRICE: $1119.25 @ 13:44 BST Jul 2
  • SUP 1: $1082.06 - 0.764 proj of Nov 21 ‘23 - Feb 26 - Jun 7 swing
  • SUP 2: $1036.25 - 1.00 proj of Nov 21 ‘23 - Feb 26 - Jun 7 swing
  • SUP 3: $1000.00 - Psychological round number
  • SUP 4: $990.44 - 1.236 proj of Nov 21 ‘23 - Feb 26 - Jun 7 swing

Soybean futures remain soft and the move lower last 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 $1082.06. Initial firm resistance is at $1159.38, the 50-day EMA.

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