SINGAPORE: The CBOT soybeans May contract has turned neutral as it is stuck in a range of $14.14-1/2 to $14.52-1/4 per bushel.
A rise above the range would confirm an extension of the wave 5 towards $14.86, while a drop below $14.12-1/2 would confirm a double-top, with a bearish target at $13.76.
Signals will continue to be neutral as long as soybeans remain in the range.
The bias will be with the bulls, however, as the current consolidation is labelled as a wave 4, to be followed by an upward wave 5.
No information in this analysis should be considered as being business, financial or legal advice. 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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