Soybeans Technicals (May) May soybean futures broke back below support yesterday which accelerated the selling pressure and keeps the door open for a retest of the February lows in play, that comes in from 1128 1/2-1133 1/2. Bias: Neutral Resistance: 1155-1160***, 1170-1175*** Pivot: 1150 Support: 1128 1/2-1133 1/2**** Fund Positioning ...
Type : Bullish Rise Resistance : 1716'4 Pivot: 1702'6 Support : 1675'4 Preferred Case: Price is moving below the ichimoku cloud which supports our bearish bias that price will drop from the pivot at 1702'6 where the overlap resistance and 23.6% fibonacci retracement are to the 1st resistance at 1716'4 in line with the swing high resistance, 50% fibonacci...
Type : Bullish Bounce Resistance : 1693'2 Pivot: 1672'4 Support : 1662'4 Preferred Case: With price moving above our ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 1693'2 in line with the 61.8% Fibonacci projection from our pivot of 1672'4 in line with the horizontal swing low support. Alternative scenario: Alternatively,...
Type : Bullish rise Resistance : 1642'2 Pivot: 1633'0 Support : 1610'6 Preferred Case: With price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise to our 1st resistance in line with the 38.2% Fibonacci retracement from our pivot in line with the horizontal swing low support. Alternative scenario: Alternatively,...