(N1) Still Defying Gravity

• 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: $1653.25 - Intraday high
• PRICE: $1640.00 @ 13:42 BST May 12
• SUP 1: $1520.88 - 20-day EMA
• SUP 2: $1490.50 - Low Apr 22
• SUP 3: $1458.00 - 50-day EMA
• SUP 4: $1374.75 - Low Apr 12 and 13 low and key near-term support

Soybean futures continue to defy gravity. Gains late last week resulted in a break of resistance at $1574.75, Apr 27 high. The move to fresh highs confirms a resumption of the underlying uptrend as the bullish price sequence of higher highs and higher lows extends. Price has cleared the psychological $1600.00 level. This paves the way for gains towards $1667.81, a Fibonacci projection. Initial support is $1520.88, the 20-day EMA.