CBOT soybeans may revisit Feb. 9 high of $14.09-1/2
- This is the last barrier towards $14.36-1/2. It is the third attempt of the contract to break this resistance. It may succeed.
SINGAPORE: The CBOT soybean March contract may break a resistance at $13.89-1/4 and revisit the Feb. 9 high of $14.09-1/2 per bushel.
The drop from this high has almost been reversed. The reversal indicates the formation of a wedge, which may turn out to be a bullish continuation pattern, as it appeared after an uptrend.
After a failure, the contract is retesting $13.89-1/4. The chance of a break is very high. Support is at $13.76-3/4, a break below could cause a fall to $13.56-3/4.
On the daily chart, the contract is approaching a resistance at $13.97 again.
This is the last barrier towards $14.36-1/2. It is the third attempt of the contract to break this resistance. It may succeed.
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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