SINGAPORE: CBOT soybean January contract may rise into a range of $12.56-$12.61 per bushel, as suggested by a projection analysis.
The contract has cleared a resistance at $12.47-1/2, the 276.4% projection level of a wave 3 from $11.50-1/4. It may rise further, as this wave is capable of travelling to $12.69-1/4.
Support is at $12.47-1/2, a break below which could cause a fall to $12.42-1/2.
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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