SINGAPORE: The CBOT soybean January contract may retest a support at $14.06-3/4 per bushel, a break below which could open the way towards $13.93-1/2.
The bounce triggered by the support seems to have ended around a resistance at $14.45, as strongly suggested by the drop from the Nov. 25 high of $14.48.
The contract is presumed to be riding on a wave (c), which could travel to $13.62-1/4, the starting point of the preceding wave (b).
Resistance is at $14.30-1/2, a break above could lead to a gain into $14.37-3/4 to $14.45 range.
On the daily chart, the contract failed to break a falling trendline again, despite its repeated attempts.
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The failures only underpin the wave count that a wave C is unfolding.
This wave could eventually travel far below the bottom of the wave A at $12.97.
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