SINGAPORE: The CBOT soybean March contract may rise to $14.01-1/2, as it has broken a resistance at $13.87 per bushel.
The next resistance will be at $14.01-1/2, a break above which could lead to a gain to $14.15.
The strength of the current rise suggests a continuation of the uptrend from $12.23-1/2.
The continuation will be confirmed when the contract breaks $14.01-1/2.
Soybeans near 1-week high on South American weather concerns; wheat firms
A break below $13.87, now a support, may cause a fall to $13.69-3/4.
On the daily chart, the contract broke a resistance at $13.85-3/4, the 76.4% retracement of the fall from $14.45-1/2. The break opened the way towards $14.11.
The bearish divergence on RSI has been temporarily ignored and a target of $13.19-1/4 aborted, unless the contract closes below $13.85-3/4 on Thursday.
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.