CBOT soybeans may retest resistance at $15.61-1/4
- The contract is expected to retest a resistance at $15.73. A break could open the way towards $16.41-3/4.
SINGAPORE: The CBOT soybean July contract may retest a resistance at $15.61-1/4 per bushel, a break above which could lead to a gain into $15.74-3/4 to $15.96-3/4 range.
The fall from the Monday high of $15.63-1/2 has been mostly reversed. The reversal signals a continuation of a wave 5.
A rising trendline points at a target range of this wave from $15.96-3/4 to $16.18-3/4.
Support is at $15.25-1/2, a break below which could be followed by a drop into $15.03-1/2 to $15.14-1/2 range.
On the daily chart, the uptrend remains firm within a rising channel.
The contract is expected to retest a resistance at $15.73. A break could open the way towards $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.
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