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SOY TECHS
Commodities TechHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets
  • RES 4: $1270.25 - High Dec 28
  • RES 3: $1230.50 - High May 7 and key resistance
  • RES 2: $1201.50 - High May 31
  • RES 1: $1102.88/1133.75 - 50-day EMA / High Jul 5
  • PRICE: $1021.50 @ 15:31 BST Jul 31
  • SUP 1: $1015.00 - Low Jul 31
  • SUP 2: $1009.63 - 4.0% 10-dma envelope
  • 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 bear cycle. Note that moving average studies are in a bear-mode set-up too and this continues to highlight a clear bearish trend sequence. Scope is seen for a move towards the $1000.00 psychological handle. Initial firm resistance is $1106.13, the 50-day EMA. Short-term gains are considered corrective.

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  • RES 4: $1270.25 - High Dec 28
  • RES 3: $1230.50 - High May 7 and key resistance
  • RES 2: $1201.50 - High May 31
  • RES 1: $1102.88/1133.75 - 50-day EMA / High Jul 5
  • PRICE: $1021.50 @ 15:31 BST Jul 31
  • SUP 1: $1015.00 - Low Jul 31
  • SUP 2: $1009.63 - 4.0% 10-dma envelope
  • 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 bear cycle. Note that moving average studies are in a bear-mode set-up too and this continues to highlight a clear bearish trend sequence. Scope is seen for a move towards the $1000.00 psychological handle. Initial firm resistance is $1106.13, the 50-day EMA. Short-term gains are considered corrective.