CBOT soybeans may extend gains into $16.54-1/2 to $16.76-1/2 range
- However, its strength may be undermined by the strong bullish momentum.
SINGAPORE: The CBOT soybean July contract may extend its gains into $16.54-1/2 to $16.76-1/2 per bushel, as suggested by a rising trendline.
The trendline establishes a resistance coinciding with$16.54-1/2, around which the contract is supposed to start a correction. However, the current strong momentum may leave little chance for a correction.
The contract may easily break $16.54-1/2 and rise towards $16.76-1/2.
Support is at $16.32-1/4, a break below which could cause a fall to $16.07-3/4 to $16.18-3/4. On the daily chart, the uptrend extends close to a key resistance at $16.41-3/4.
This resistance is stronger than the one at $15.73.
However, its strength may be undermined by the strong bullish momentum.
Based on the analysis on the hourly chart, the contract may surge above this level and then start a pullback.
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.