SINGAPORE: The CBOT soybeans May contract may break a resistance at $10.76-1/2 per bushel and rise more, as it has approached this level again.
The resistance is at the 161.8 percent projection level of an upward wave C from $9.79-1/4. It triggered a brief correction, which has been almost reversed.
The reversal signals a continuation of the uptrend. A break above $10.76-1/2 could lead to a gain to $10.85-1/2. Support is at $10.69-1/2, a break below which could cause a loss to $10.62-1/2.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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