CBOT soybeans to rise to $9.32-3/4

• The resistance is identified as the 50pc projection level of a wave (C) from $8.51.
• This wave is capable of travelling into a wide range of $9.32-3/4 to $9.83-1/2.

SINGAPORE: The CBOT soybean November contract is expected to rise to $9.32-3/4 per bushel, as it has cleared a resistance at $9.17-1/4.

The resistance is identified as the 50pc projection level of a wave (C) from $8.51.

This wave is capable of travelling into a wide range of $9.32-3/4 to $9.83-1/2.

The next resistance will be at $9.32-3/4.

Three smaller waves make up the first part of the wave (C).

A projection analysis on the third small wave labelled c reveals a target at $9.34, its 100pc projection level, which is slightly higher than $9.32-3/4.

It is critical that the contract stays above $9.17-1/4 to fulfil the target, as a break below which could cause a fall into the range of $9.01-1/2 to $9.07-3/4.