CBOT soybeans may rise into $15.74-3/4 to $15.96-3/4 range
- The contract is retesting a resistance at $15.73, with a good chance of breaking above this level and rising to $16.41-3/4.
SINGAPORE: The CBOT soybean July contract may break a resistance at $15.61-1/4 per bushel and rise into $15.74-3/4 to $15.96-3/4 range.
The contract is riding on a wave 5, which is unfolding towards a range of $15.96-3/4 to $16.18-3/4, as pointed by a rising trendline.
A small double-bottom forming around $14.90 suggests the target of $15.96-3/4 as well. Support is at $15.25-1/2, a break below which could cause a drop into $15.14-1/2 to $15.25-1/2 range.
On the daily chart, the uptrend is developing within a rising channel, which points at a target of $16.41-3/4.
The contract is retesting a resistance at $15.73, with a good chance of breaking above this level and rising to $16.41-3/4.
The uptrend from $8.33-1/4 will remain steady, even after the completion of the wave 5, as indicated by the wave pattern.
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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