(N1) Resumes The Underlying Uptrend

• RES 4: $1561.25 - 1.00 proj of Dec 2 - Jan 14 - Jan 25 price swing
• RES 3: $1500.00 - Psychological round number
• RES 2: $1495.38 - 0.764 proj of Dec 2 - Jan 14 - Jan 25 price swing
• RES 1: $1462.00 - Intraday high
• PRICE: $1459.25 @ 13:44 BST Apr 20
• SUP 1: $1374.7, Apr 12 and 13 low and key near-term support
• SUP 2: $1355.00 - Low Mar 31
• SUP 3: $1321.25 - Low Feb 11
• SUP 4: $1282.25 - Low Jan 25

Soybean futures maintain a firmer tone and have rallied again today resulting in a break of the former trend high of $1448.25, Apr 1 high. The break confirms a resumption of the uptrend. Bullish conditions are also supported by a positive moving average set-up and the move higher sets the scene for a climb towards $1495.38, a Fibonacci projection. On the downside, key short-term support has been defined at $1374.7, the Apr 12 and 13 low.