CBOT soybeans may test resistance at $15.47
- Regardless of final ending point of this wave, the uptrend will remain intact.
SINGAPORE: The CBOT soybean July contract may test a resistance at $15.47 per bushel, a break above which could lead to a gain to $15.68-3/4.
The contract has stabilized around a support at $15.11-3/4, the 100% projection level of a wave c. The stabilization suggests a completion of this wave.
Over the next few days, the contract may bounce towards a range of $15.67-3/4 to $15.86-3/4. A break below $15.24-1/4 may cause a fall limited to $15.11-3/4.
On the daily chart, the contract found a similar support at $15.04-1/4.
It may bounce towards $15.73. It is not very clear if the wave (4) has completed. Only the strength of the bounce could tell later.
Regardless of final ending point of this wave, the uptrend will remain intact.
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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