Triple Layer Of Support Noted In May Soybean Futures

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This past week May futures traded somewhat erratically while congesting between the 18 DMA as the high point and the 40 DMA as the low point. This is illustrated by Wednesday's bearish reversal lower and then Thursday's "closing price" reversal back up. Technically the market has moved from a positive to a neutral mode with 10.54 as a nearby dual point of resistance. Additional resistance appears at 10.69 followed by the March high of 10.82. Longer term resistance are weekly chart retracements at 10.91 and 11.36. Nearby support begins at the 4 DMA of 10.42 followed by a triple layer of support; the past week's low of 10.27 which coincides with the 40 DMA, as well as a trendline drawn off the January low. Secondary support begins at retracements of 10.19 and 10.04.

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