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(X4) Trades Through Support

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: $1183.00 - 50-day EMA
  • PRICE: $1151.00 @ 13:44 BST Jun 13
  • SUP 1: $1141.00 - Low Jun 12
  • SUP 2: $1122.75 - Low Feb 26 and the bear trigger
  • SUP 3: $1116.25 - Low May 31 and a key support
  • SUP 4: $1100.00 - Psychological round number

Soybean futures traded lower yesterday resulting in a break of support at $1146.75, the Apr 19 low. The breach undermines a recent bullish theme and signals scope for a continuation lower near-term. A resumption of the downleg would expose key support at $1122.75, the Feb 26 low. Moving average studies have crossed and are in a bear-mode set-up, highlighting a downtrend. Initial resistance is at $1183.00, the 50-day EMA.

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