CBOT soybeans could retest support at $15.47-1/2
- The uptrend is expected to resume upon the completion of the correction.
SINGAPORE: The CBOT soybean May contract could retest a support at $15.47-1/2 per bushel, with a good chance of breaking below this level and falling to $15.37-3/4.
The deep fall from the Tuesday high of $16.08-3/4 consists of three waves. The third wave labeled c is unfolding towards a range of $15.06-1/4 to $15.37-3/4.
This wave is highly likely to end in the support zone of $15.25-3/4 to $15.37-3/4, as indicated by the strong rise from the April 13 low of $13.78. Resistance is at $15.69-1/4, a break above which could lead to a gain to $15.89.
On the daily chart, the contract is expected to retreat towards the lower channel line, which establishes a support around $15.14-1/4. The uptrend is expected to resume upon the completion of the correction.
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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