(X3) Bearish Corrective Cycle Remains In Play

• 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: $1343.25/1435.00 - 20-day EMA / High Jul 24 and bull trigger
• PRICE: $1317.50 @ 12:29 BST Aug 10
• SUP 1: $1282.25 - Low Aug 8
• SUP 2: $1256.75 - Low Jun 28 and key support
• SUP 3: $1202.50 - Low Jun 12
• SUP 4: $1167.00 - Low Jun 8

Soybean futures started the week on a softer note but price has recovered from Tuesday’s low. Recent weakness is considered corrective, however, a bearish extension together with a recent breach of the 50-day EMA, signals scope for a deeper retracement towards $1256.75, the Jun 28 low and a key near-term support. Clearance of this level would strengthen a bear threat. Key resistance and the bull trigger is at $1435.00, Jul 24 high.