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CBOT soybeans may drop to $13.57-3/4

  • A break above $13.80-1/2 could lead to a gain to $13.94-3/4.
Published February 5, 2021
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SINGAPORE: The CBOT soybean March contract may drop to $13.57-3/4, as it failed to break a resistance at $13.80-1/2 per bushel.

The failure raises a concern that the rise from the Wednesday low of $13.42-1/2 may not be an extension of the uptrend from $12.98. Instead, it could just be the final part of a bounce from the Jan. 29 low of $13.35-1/2.

A break above $13.80-1/2 could lead to a gain to $13.94-3/4.

On the daily chart, the doji forming on Thursday signals a hesitation of the market. It also indicates a weak bullish momentum.

A bullish target of $13.97 has to be aborted.

It will only be resumed when the contract rises above the Thursday high of $13.81-1/2.

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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