CBOT soybeans may rise into $13.86-1/2 to $13.99 range
- The contract is riding on a powerful wave 3, which observes closely a set of projection levels, based on the rise from $12.46-1/4 to $12.99-1/2.
SINGAPORE: The CBOT soybean March contract may break a resistance at $13.74 per bushel and rise into $13.86-1/2 to $13.99 range.
The contract is riding on a powerful wave 3, which observes closely a set of projection levels, based on the rise from $12.46-1/4 to $12.99-1/2.
The nearest resistance is at $13.74, the 176.4% level which caused a correction that has been almost reversed. The reversal signals a continuation of the uptrend.
Support is at $13.53-1/2, a break below which could cause a fall into a narrow support zone of $13.41 to $13.45-3/4.
On the daily chart, the contract has broken a resistance at $13.52-1/2, the 561.8% level. The next resistance could be at $13.85, a break above which may lead to a gain into $14.05 to $14.37-1/2 range.
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.
Comments
Comments are closed for this article.