SINGAPORE: The CBOT soybean January contract may retest a resistance at $12.58 per bushel, a break above which could lead to a gain into $12.65-1/4 to $12.74-1/2 range.
The contract still struggles around a falling trendline.
The tug-of-war between bulls and bears becomes sticky.
Trending signals may turn clearer when the contract gets out of the range of $12.35-1/2 to $12.58.
The bias looks a bit towards the upside, as the contract managed to deeply pierce above the trendline.
On the daily chart, the contract remains below the channel line and above a support at $12.40.
The current sideways move may end this week, followed by strong surge towards $12.67-1/2 to $ 12.89-1/2 range of a deep fall towards $12.08-3/4 to $12.23 range.
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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