Free Trial

(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: $1156.19 - 50-day EMA
  • RES 1: $1132.31 - 20-day EMA
  • PRICE: $1114.25 @ 14:33 BST Jul 5
  • 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 reinforced 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 $1156.19, the 50-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.