SINGAPORE: The CBOT soybean March contract may break a resistance at $13.56-1/4 per bushel and rise to $13.72.
The correction from the Dec. 28 high of $13.84-1/2 seems to have completed, as suggested by the stabilization around a support at $13.38-1/2 and the following strong surge.
Even though it is not very clear if the uptrend has resumed, a further rise is highly likely.
A break below $13.46-1/2 could cause a fall into the range of $13.31 to $13.38-1/2.
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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