(X2) Trend Needle Points South

• RES 4: $1584.75 - High Jun 9 and the key resistance
• RES 3: $1556.75 - High Jul 11
• RES 2: $1514.82 - 76.4% retracement of the Jun 9 - Jul 22 bear leg
• RES 1: $1437.25 - High Sep 27
• PRICE: $1368.25 @ 13:22 BST Oct 11
• SUP 1: $1350.00 - Low Jun 6
• SUP 2: $1288.50 - Low Jul 22 and bear trigger
• SUP 3: $1276.00 - Low Jan 18
• SUP 4: $1262.75 - Low Dec 30 2021

Soybean futures are trading closer to recent lows. Recent weakness resulted in the break of support at $1373.00, Sep 8 low. This cancels a bullish outlook and instead strengthens a short-term bearish case plus signals scope for weakness towards $1288.50, the Jul 22 low - a key support. On the upside, initial firm resistance is seen at $1437.25, the Sep 27 high, where a break is required to ease the bearish threat. For now, gains are considered corrective.