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(X4) Bear Cycle Remains Intact

SOY TECHS
  • RES 4: $1230.50 - High May 7 and key resistance
  • RES 3: $1201.50 - High May 31
  • RES 2: $1133.06 - 50-day EMA
  • RES 1: $1133.75 - High Jul 5
  • PRICE: $1047.50 @ 13:44 BST Jul 17
  • SUP 1: $1037.25 - Low Jul 17
  • 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 in a downtrend and recent weakness confirmed a resumption of the medium-term downtrend. Note that moving average studies are in a bear-mode set-up too and this continues to highlight a clear bearish cycle. Sights are on $1036.25, a Fibonacci projection. Initial firm resistance is at $1133.06, the 50-day EMA. Short-term gains would be considered corrective.

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