CBOT soybeans may revisit Monday high of $15.63-1/2
- The correction triggered by the resistance at $15.61-1/4 may have ended around $15.14-1/2. The wave 5 may have resumed.
SINGAPORE: The CBOT soybean July contract may revisit its Monday high of $15.63-1/2 per bushel, as its uptrend looks steady.
The trend is driven by a wave 5, which could travel into $15.96-3/4 to $16.18-3/4 range, as pointed by a rising trendline.
The correction triggered by the resistance at $15.61-1/4 may have ended around $15.14-1/2. The wave 5 may have resumed.
A break below $15.14-1/2 could be followed by a drop into the zone of $14.90 to $15.03-1/2.
On the daily chart, the uptrend remains firm within a rising channel. The contract failed to break a resistance at $15.73 again.
However, the current correction is expected to be much shallower than the one from the April 27 high of $15.74-3/4.
A break above $15.73 could lead to a gain to $16.41-3/4.
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.
Comments
Comments are closed for this article.