(X3) Bear Cycle Extends

• RES 4: $1504.25 - 1.00 proj of the May 31 - Jun 21 - Jun 28 swing
• RES 2: $1504.25 - High 9 Jun’22
• RES 1: $1448.25 - High Apr 29
• RES 1: $1435.00 - High Jul 24 and bull trigger
• PRICE: $130.25 @ 13:44 BST Sep 22
• SUP 1: $1282.25 - Low Aug 8 and key support
• SUP 2: $1256.75 - Low Jun 28
• SUP 3: $1202.50 - Low Jun 12
• SUP 4: $1167.00 - Low Jun 8

Soybean futures remain below the Aug 28 high of $1409.50 and the contract traded lower Thursday. Despite the continuation lower this week, the recent move down still appears to be a correction, however, the sell-off has exposed key support at $1282.25, the Aug 8 low. A break of this level would reinstate a bearish theme. On the upside, initial key resistance is at $1435.00, the Jul 24 high.