CBOT soybeans may test resistance at $13.91-1/2
- With the contract having come so close to the March 30 low of $13.64-1/4, the pattern around $14.54-3/4 looks more and more like a double-top, which will suggest a target of $12.70 once confirmed.
SINGAPORE: The CBOT soybean May contract may test a resistance at $13.91-1/2 per bushel, a break above which could lead to a gain to $14.04-1/2.
The contract has stabilised around a support at $13.78-1/2, which is strengthened by another one at $13.73-1/4. A bounce seems to have been triggered, which may extend into the range of $13.91-1/2 to $14.04-1/2.
A break below $13.73-1/4 could open the way towards the range of $13.36-3/4 to $13.62-1/2.
On the daily chart, a projection analysis reveals a similar support at $13.76-3/4, which works together with the other two supports to prevent the contract from sliding more.
With the contract having come so close to the March 30 low of $13.64-1/4, the pattern around $14.54-3/4 looks more and more like a double-top, which will suggest a target of $12.70 once confirmed.
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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