CBOT soybeans neutral in a $8.63-1/4 to $8.69-1/2 range
- A break above $8.69-1/2 could lead to a gain into the zone of $8.72-1/4 to $8.75-3/4, while a break below $8.63-1/4 may cause a fall to $8.57-3/4.
SINGAPORE: The CBOT July soybeans contract looks neutral in a range of $8.63-1/4 to $8.69-1/2 per bushel, and an escape could suggest a direction.
The range is formed by the 123.6pc and the 150pc projection levels of an upward wave (c) from $8.34.
A break above $8.69-1/2 could lead to a gain into the zone of $8.72-1/4 to $8.75-3/4, while a break below $8.63-1/4 may cause a fall to $8.57-3/4.
The bias seems to be towards the upside, as the price recovery from the June 9 low of $8.56-1/2 is so strong that it suggests a resumption of the uptrend.
On the daily chart, the contract may have completed a pullback towards a support at $8.57-1/2, the 23.6pc retracement of the downtrend from $9.84-1/4 to $8.18-1/2.
It is more likely to rise towards $8.81-3/4 than fall to $8.57-1/2 again.
Comments
Comments are closed for this article.