CBOT soybeans may drop to $13.24-1/4
- Based on the current strong momentum, the wave C may eventually travel to $12.71-3/4. A bounce from the current level may be limited to $13.56-3/4.
SINGAPORE: The CBOT soybean March contract may drop to $13.24-1/4 per bushel, driven by a fierce wave C.
This wave started at $14.09-1/2. It is the third wave of a three-wave cycle from the Jan. 14 high of $14.35-3/4. A projection analysis reveals a target zone of $12.71-3/4 to $13.24-1/4.
Based on the current strong momentum, the wave C may eventually travel to $12.71-3/4. A bounce from the current level may be limited to $13.56-3/4.
On the daily chart, the contract has broken a support at $13.54-1/2. The break opened the way towards $13.03-3/4. The downside may not be limited to this level, as the current wave c is expected to travel beyond this point.
A more bearish target of $12.22 will be established when the support
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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