BR100 3,737 Increased By ▲ 3 (0.09%)
BR30 19,102 Decreased By ▼ -52 (-0.27%)
KSE100 36,190 Increased By ▲ 48 (0.13%)
KSE30 15,694 Increased By ▲ 18 (0.11%)
COVID-19 TOTAL DAILY
CASES 243,599 2751
DEATHS 5,058 75
Sindh 100,900 Cases Today
Punjab 85,261 Cases Today
Balochistan 11,099 Cases Today
Islamabad 13,829 Cases Today
KP 29,406 Cases Today
Markets

CBOT soybeans may retest support at $8.99-3/4

SINGAPORE: The CBOT soybean January contract may retest a support at $8.99-3/4 per bushel, probably after a bounce to a

Dec 17 2018

SINGAPORE: The CBOT soybean January contract may retest a support at $8.99-3/4 per bushel, probably after a bounce to a resistance at $9.13-1/4.

The support and the resistance are identified respectively as the 76.4 percent and the 100 percent projection levels of an upward wave C from $8.57.

The contract failed twice to break $8.99-3/4. It may at least hover above this level for one day or bounce to $9.13-1/4. A break below $8.99-3/4 could cause a loss to $8.91-3/4.

The drop from the Dec. 12 high of $9.28 is deep enough to suggest a reversal of the uptrend from $8.57. On the daily chart, the contract failed to break a resistance at $9.16-3/4. It is biased to fall to $8.82.

A break above $9.13-1/4 (first chart) may lead to a gain to $9.26-1/2.

Copyright Reuters, 2018