(N1) Corrective Pullback

• RES 4: $1736.25 - High during week of Sep 21, 2012
• RES 3: $1700.75 - 1.50 proj of Dec 2 - Jan 13 - Jan 25 price swing
• RES 2: $1667.81 - 1.382 proj of Dec 2 - Jan 13 - Jan 25 price swing
• RES 1: $1604.75/67.50 - High May 18 / High May 12
• PRICE: $1532.00 @ 13:44 BST May 25
• SUP 1: $1490.50 - Low Apr 22
• SUP 2: $1489.63 - 50-day EMA
• SUP 3: $1374.75 - Low Apr 12 and 13 low and key near-term support
• SUP 4: $1356.00 - Low Mar 30

Soybean futures edged lower yesterday as the pullback from the recent 12 May high of $1667.50 extends. The 20-day EMA has been breached. Further weakness would signal scope for a deeper pullback and expose 1490.50, Apr 28 low. The current pullback is still considered a correction. The underlying uptrend remains intact and the bull trigger for a resumption of strength is $1667.50, May 12 high.