Technical analysis: US soy complex futures

March soybeans closed higher and near the session high Tuesday. Traders are awaiting Wednesday morning's U.S. Department of Agriculture supply and demand report, which is expected to be bullish.

The soybean bulls have the strong overall near-term technical advantage at present. Prices are in a seven-month-old uptrend on the daily bar chart.

The next near-term upside technical breakout objective for the soybean bulls is pushing and closing March prices above major psychological resistance at $15.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below psychological support at $14.00.

First resistance is seen at this week's high of $14.43 3/4 and then at the contract high of $14.52 1/2. First support is seen at $14.20 and then at Tuesday's low of $14.14.

$14.52 1/2 --- the contract high 
$14.20 3/4 --- 10-day moving average 
$14.15 3/4 --- 20-day moving average 
$13.86 1/4 --- 40-day moving average 
$8.22 -------- the contract low 
 
   MARCH SOYBEAN MEAL

March soybean meal closed higher and near the session high Tuesday.

Soybean meal bulls have the strong overall near-term technical advantage. Prices are in an eight-month-old uptrend on the daily bar chart.

The next upside price breakout objective for the bulls is to produce a close above major psychological resistance at $400.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week's low of $374.50.

First resistance comes in at this week's high of $386.90 and then at the contract high of $390.70. First support is seen at $382.50 and then at $380.00.

$390.70 --- contract high 
$382.40 --- 10-day moving average 
$382.50 --- 20-day moving average 
$372.60 --- 40-day moving average 
$236.70 --- the contract low 
 
   MARCH SOYBEAN OIL

March bean oil closed higher and nearer the session high Tuesday.

The bean oil bulls have the solid overall technical advantage.

The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 60.00 cents. The bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 57.00 cents.

First resistance is seen at 59.00 cents and then at this week's high of 59.34 cents. First support is seen at 58.50 cents and then at Tuesday's low of 58.06 cents.

59.69 --- the contract high 
58.22 --- 10-day moving average 
57.73 --- 20-day moving average 
57.17 --- 40-day moving average 
31.80 --- the contract low

(Source: http://www.agriculture.com/markets/analysis/soybeans/technical-alysis-us-soy-complex-futures_10-ar14552)