CBOT soybeans may revisit July 26 low of $13.32

SINGAPORE: CBOT soybean November contract may break a support at $13.37-3/4 per bushel and revisit its July 26 low of $13.32, as suggested by its wave pattern.

The downtrend from the July 19 high of $14.18 has resumed, as confirmed by the deep fall on July 30. The fall is driven by a wave c from $13.80-3/4, which is expected to travel into a wide range of $12.94-3/4 to $13.27-1/2.

The bounce triggered by the support at $13.37-3/4 has been almost reversed. The reversal signals a continuation of the wave c.

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Resistance is at $13.47-3/4, a break above which could lead to a gain to $13.60-1/4. On the daily chart, the contract is retesting a support at $13.33-1/2, with a good chance of breaking below this level and falling towards $12.88-1/2.

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