CBOT soybeans target of $14.35-3/4 aborted
- The contract lost its bullish momentum even below the resistance at $14.03, the 76.4% retracement of the fall from $14.35-3/4.
SINGAPORE: A bullish target of $14.35-3/4 per bushel has been aborted for the CBOT soybean March contract , as it failed to break a resistance at $14.03.
The first round of the rally from $12.98 is over, as suggested by its five-wave structure.
The contract lost its bullish momentum even below the resistance at $14.03, the 76.4% retracement of the fall from $14.35-3/4.
Even though this target of $14.35-3/4 could be fulfilled in due course, the contract could retreat to $13.50-1/2 first. A break above $13.83 could lead to a gain to $14.03.
On the daily chart, the doji forming around $13.97 confirms a completion of the rise from the Jan. 25 low of $12.98. The contract may pull back towards a support at $13.54-1/2.
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