SOYBEAN TECHS: (F1) Bearish Corrective Phase

• RES 4: $1107.50 - 76.4% retracement of the 2016 - 2019 downleg
• RES 3: $1100.00 - Round number resistance
• RES 2: $1088.50 - High Oct 27 and the bull trigger
• RES 1: $1075.75 - High Oct 29
• PRICE: $1048.50 @ 11:27 GMT Nov 2
• SUP 1: $1045.00 - Intraday low
• SUP 2: $1038.25 - Low Oct 15
• SUP 3: $1034.25 - Low Oct 12 and key support
• SUP 4: $ 1017.25 - 50-day EMA

Soybean futures maintain a bullish outlook however a bearish corrective tone dominates for now. Last week's move lower resulted in a breach of trendline support drawn off the Aug 12 low. A deeper sell-off would open $1034.25, Oct 12 low ahead of potentially $1017.25, the 50-day EMA if bearish momentum pressure increases. Initial resistance is at $1075.75, Oct 29 where a break is required to ease bearish pressure and open the $1088.50 bull trigger.