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CBOT soybeans may rise into $14.03 to $14.35-3/4 range

  • A failure to break $13.97 may be followed by a drop towards $13.54-1/2 again.
Published February 1, 2021
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SINGAPORE: CBOT soybean March contract may break a resistance at $13.83 per bushel and rise into $14.03 to $14.35-3/4 range.

The rally from $12.98 has resumed. It adopted a five-wave mode, which strongly suggests a surge above $14.35-3/4 over the next few days.

The contract is riding on a wave (3), which could easily break $13.83 and rise into the target zone. Support is at $13.66-3/4, a break below which could cause a fall into $13.30-1/2 to $13.50-1/2 range.

On the daily chart, the contract has managed to stabilize around a support at $13.54-1/2, it is expected to test a resistance at $13.97, a break above which could lead to a gain to $14.36-1/2.

A failure to break $13.97 may be followed by a drop towards $13.54-1/2 again.

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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