(N2) Monitoring The Range Top

• RES 4: $1809.25 - 1.00 proj of the Jan 18 - Feb 10 - 15 price swing
• RES 3: $1800.00 - Round number resistance
• RES 2: $1789.00 - High Sep 2012 (cont)
• RES 1: $1741.00/49.25 - High Feb 24 and a bull trigger / High May 31
• PRICE: $1711.00 @ 13:00 BST Jun 6
• SUP 1: $1665.50/1578.00 - Low May 25 / Low May 9
• SUP 2: $1560.50 - Low Apr 4 and key support
• SUP 3: $1525.50 - Low Feb 2
• SUP 4: $1477.00 - Low Jan 31

Soybean futures are consolidating and remain inside the broad range. The contract has recently briefly tested levels above the top of its range. Key resistance remains the $1741.00 area - the range top and the Feb 24 high. The trend outlook is bullish and a clear break of $1741.00 would confirm a range breakout and a resumption of the uptrend. This would open $1800.00. Weakness below $1560.50, Apr 4 low, would instead highlight a reversal.