(H4) Trend Needle Points South

• 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: $1308.25 @ 13:12 GMT Dec 29
• SUP 1: $1298.25 - Low Dec 22
• SUP 2: $1282.50 - Low Oct 11
• 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

Short-term gains in Soybean futures are considered corrective. The Dec 12 - 22 sell-off reinforces a bearish theme. Support at $1310.25, Oct 25 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. A break would reinstate a bullish theme. Initial firm resistance is at $1360.00, the Dec 12 high.