SINGAPORE: The CBOT soybean March contract may break a resistance at $14.23-3/4 per bushel and rise towards a range of $14.38-1/2 to $14.46.
The resistance triggered a pullback towards the Jan. 7 high of $14.15. The consolidation around this level has been shaped into a triangle, which looks like a bullish continuation pattern, to be followed by another round of sharp rise.
The new rise will be confirmed when the contract breaks $14.23-3/4. A break below $14.08 may be followed by a drop to $13.97-1/4.
Soybeans near 1-week high on South American weather concerns; wheat firms
On the daily chart, the contract broke above a resistance at $14.11, the last barrier towards $14.45-1/2.
The mild consolidation around $14.11 is considered as a preparation for the following rise.
The contract is riding on a wave (5) which may travel to $14.58, under the assumption that it will be as long as the wave (1).
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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