SINGAPORE: The CBOT soybean November contract may test a support at $13.80-3/4 per bushel, a break below which could open the way towards $13.50-3/4.
The rise from $13.02-1/2 may have completed around a resistance at $14.29-1/4, as an exhaustion gap has been filled.
Given that the drop from $15.07-3/4 adopted an impulsive mode, while the rise from $13.02-1/2 a corrective mode, the downtrend from $15.84-1/4 looks steady.
The low of $13.02-1/2 may be revisited in due course.
A break above $14.29-1/4 could lead to a gain to $14.59-1/4.
On the daily chart, the first black candlestick appeared on Monday after two white candlesticks.
CBOT soybeans may end bounce below $13.62-1/2
The black candle suggests a failure of the contract to break a resistance at $14.08-1/2.
The downtrend from $15.84-1/4 is poised to resume, as it is expected to extend to $12.12, near the bottom of the wave 4.
Comments
Comments are closed for this article.