(X1) Outlook Improves… Slightly

• 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: $1352.75 @ 12:36 BST Aug 10
• 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 traded solidly overnight, improving the outlook somewhat, but still remaining shy of the early July highs. The outlook is bullish with the focus 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.