SINGAPORE: The CBOT soybean November contract looks neutral in a range of $13.66 to $13.93 per bushel, and an escape could suggest a direction.
The contract is riding on a wave c, which could be as strong as the wave a, to travel above $14.36-3/4.
This wave c could also be much weaker, to end far below this level.
A break above $13.93 could lead to a gain to $14.36-3/4 while a break below $13.66 may trigger a drop into $13.22-1/4 to $13.47-1/4 range.
Corn, soy, wheat futures climb
On the daily chart, the contract is presumed to be consolidating in a symmetrical triangle, the upper trendline of which suggests a target of $14.08-3/4.
However, this triangle may turn out to be a pennant, which could have a much narrower range.
The real pattern will only be confirmed when the contract moves off the range of $13.66 to $13.93 on the hourly chart.
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