(H4) January Leg Lower Resumes Bear Trend

• RES 4: $1483.25 -1.00 proj of the May 31 - Jun 21 - 28 price swing
• RES 3 $1428.25 - High Jul 24 and bull trigger
• RES 2: $1421.75 - High Aug 28
• RES 1: $1360.00/1410.75 - High Dec 12 / 15
• PRICE: $1274.25 @ 11:26 GMT Jan 04
• SUP 1: $1265.75 - Low Jan 03
• SUP 2: $1260.81 - 3.0% 10-dma envelope
• SUP 3: $1253.38 - 61.8% retracement of the May 31 - Jul 24 bull leg
• SUP 4: $1212.06 - 76.4% retracement of the May 31 - Jul 24 bull leg

Downside has resumed across Soybean futures, confirming the recovery off the early December low as corrective in nature. This keeps the focus pointed lower for now, with early January leg lower reinforcing the bearish theme. Support at $1298.75, the late December low, has been breached. A clear break of this level strengthens a bearish threat and signals scope for weakness towards $1282.50, the Oct 11 low. On the upside, the bull trigger is at $1410.75, the Nov 15 high. Initial firm resistance is at $1360.00, the Dec 12 high.