(F4) Maintains A Softer Tone

• RES 4: $1451.56 - 0.764 proj of the May 31 - Jun 21 - 28 price swing
• RES 2: $1441.00 - High Jul 24 and bull trigger
• RES 1: $1420.00 - High Aug 28
• RES 1: $1398.50 - High Nov 13
• PRICE: $1307.50 @ 13:44 GMT Dec 6
• SUP 1: $1294.00 - Low Dec 5
• SUP 2: $1270.25/65.75 - Low Oct 11/12 / Low Jun 28
• SUP 3: $1255.94 - 61.8% retracement of the May 31 - Jul 24 bull leg
• SUP 4: $1212.19 - 76.4% retracement of the May 31 - Jul 24 bull leg

Soybean futures remain soft and the contract has traded lower this week. The move down undermines the recent bullish theme and support at $1297.50, the Oct 25 low, has been pierced. A clear break of this level would strengthen a bearish threat and signal scope for weakness towards $1270.25, the Oct 11/12 low. On the upside, the bull trigger is at $1398.50, the Nov 13 high. A break would reinstate a bullish theme.