(X1) Intraday Rallies Sold

• 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: $1353.50 @ 11:53 BST Aug 13
• SUP 1: $1300.50 - 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 bounced smartly late Thursday, but the bias remains to fade intraday rallies, putting the picture neutral into the close. Intraday rallies remain shy of the early July highs for now. Focus is on resistance at $1423.00, Jul 1 high. 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. Clearance of $1480.00 would confirm a resumption of the primary uptrend. Initial firm support is at $1300.50, July 6 low. A break would be bearish.