(X1) Holding Onto Most Of Its Recent 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 key bull trigger
• RES 2: $1466.00 - High Jun 8
• RES 1: $1423.00 - High Jul 1
• PRICE: $1357.50 @ 13:33 BST Aug 18
• SUP 1: $1308.75/1300.50 - Low Aug 3 / Low Jul 6
• 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 remain above recent lows and the contract is holding onto the bulk of recent gains. Key support had been defined at $1308.75, Aug 3 low where a break would trigger a deeper sell-off and expose sub $1300.00 levels. $1423.00, Jul 1 high marks the key resistance. A break would negate recent bearish signals and highlight a stronger short-term tone and the potential for a climb towards this year's high of $1480.00 from Jul 6.