CBOT soybeans may retest support at $13.42-1/2
- The bounce triggered by the support at $13.24-3/4 seems to have completed
SINGAPORE: The CBOT soybean November contract may retest a support at $13.42-1/2 per bushel, a break below which could cause a fall to $13.24-3/4.
The support is provided by the 61.8% projection level of a downward wave C from $14.18. This is the third wave of a presumed flat from $14.23.
This wave is expected to travel to $12.96. The bounce triggered by the support at $13.24-3/4 seems to have completed. The wave C has resumed.
US MIDDAY: Corn, soya, wheat futures climb
A break above $13.57 may lead to a gain to $13.71-1/4. On the daily chart, the consolidation within a triangle continues towards $13.33-1/2. Signals on the hourly chart suggest a break below this level.
The break could confirm this bearish pattern, which will then indicate a target around $11.87-1/4.
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.