(N4) Outlook Remains Bullish

• RES 4: $1375.50 - High Dec 12
• RES 3: $1341.25 - High Dec 28
• RES 2: $1302.25 - Low Oct 11
• RES 1: $1256.50 - High May 7 and the bull trigger
• PRICE: $1226.25 @ 15:05 BST May 15
• SUP 1: $1140.50 - Low Feb 29 and the bear trigger
• SUP 2: $1100.00 - Psychological round number
• SUP 3: $1025.38 - 76.4% of the May ‘19 - Sep ‘ 22 bull cycle (cont)
• SUP 4: $985.75 - Low Sep 29 2020 (cont)

Soybean futures remain above their latest lows. The recent move higher resulted in a break of both the 20- and 50-day EMAs. This undermines a recent bearish theme and signals scope for a stronger recovery. Sights are on the next bull trigger at $1256.50, the May 7 high. A break of this level would confirm a resumption of the uptrend and open $1302.25, the Oct 11 ‘23 low. Key support and the bear trigger lies at $1140.50, the Feb 29 low.