The contract is consolidating within a wedge, which looks like a bullish continuation pattern. However, a target of $12.61 will only be established when the contract breaks $12.51.
SINGAPORE: The CBOT soybean January contract looks neutral in a range of $12.38-1/4 to $12.51 per bushel, and an escape could suggest a direction.
The contract is consolidating within a wedge, which looks like a bullish continuation pattern. However, a target of $12.61 will only be established when the contract breaks $12.51.
This wedge may turn out to be a top pattern as well, if the support at $12.38-1/4 is broken. A bearish target of $12.25-3/4 will be established accordingly.
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