(X3) Corrective Cycle Extends

• RES 4: $1386.50 - High Mar 6
• RES 3: $1325.50 - High Apr 18
• RES 2: $1285.75 - High May 8
• RES 1: $1236.81 - 50-day EMA
• PRICE: $1209.25 @ 13:44 BST Jun 12
• SUP 1: $1130.50 - Low May 31
• SUP 2: $1253.00 - Low Jul 3 2022
• SUP 3: $1142.25 - 1.236 proj of Apr 29 - Jul 22 - Dec 30 2022 swing
• SUP 4: $1108.50 - 1.382 proj of Apr 29 - Jul 22 - Dec 30 2022 swing

Soybean futures traded to a fresh cycle low of $1130.50 on May 31. The contract has since recovered from the low, however, despite the bounce, the trend remains bearish. Moving average studies are in a bear-mode position, highlighting a downtrend. Key short-term resistance is at $1236.81, the 50-day EMA and gains are considered corrective. A reversal lower would refocus attention on $1130.50.