(X3) Starting The Week On A Bearish Note

• 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: $1356.38/1435.00 - 20-day EMA / High Jul 24 and bull trigger
• PRICE: $1303.25 @ 13:44 BST Aug 7
• SUP 1: $1299.00 - Intraday low
• 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 have started the week on a softer note and price is trading lower today, below last week’s low. Recent weakness is considered corrective, however, the 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. Key resistance and the bull trigger has been defined at $1435.00, the Jul 24 high. A break would resume the recent uptrend.