(X1) Extending This Week's Gains

• RES 4: $1496.94 - 0.618 proj of Mar 31 - May 12 - May 26 price swing
• RES 3: $1480.00 - High Jun 7 and the bull trigger
• RES 2: $1466.00 - High Jun 8
• RES 1: $1423.00 - High Jul 1
• PRICE: $1382.50 @ 13:23 BST Jul 15
• SUP 1: $1291.50 - Low Jun 30
• SUP 2: $1240.50 - Low Jun 17 and key short-term support
• SUP 3: $1200.00 - Psychological round number
• SUP 4: $1185.50 - Low Mar 30

Soybean futures continue to trade higher. The rejection from the Jul 1 high of $1423.00 signals the possible end of the recent recovery. A resumption of weakness would reinforce this case and expose key support at $1240.50, Jun 17 low. Clearance of this level would strengthen a bearish case allowing for a deeper move lower. On the upside, a break of $1423.00, Jul 1 high is required to negate any bearish signals and resume the recent bull cycle.