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CBOT soybeans may test support at $13.76-3/4

  • The contract still faces a resistance at $13.89-1/4, only a break above which could signal an extension of the uptrend towards $14.09-1/2.
Published February 22, 2021
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SINGAPORE: The CBOT soybean March contract may test a support at $13.76-3/4 per bushel, a break below which could cause a fall to $13.56-3/4.

The contract still faces a resistance at $13.89-1/4, only a break above which could signal an extension of the uptrend towards $14.09-1/2.

However, a wedge is contracting to a point, suggesting a further fall towards $13.56-3/4. Strategically, this target will only be confirmed when the contract drops below $13.74-3/4.

On the daily chart, a wave 4 could be unfolding. It is likely to travel to $13.03-3/4 again. Given that the contract failed a few times to break a resistance at $13.97, it may retreat towards $13.54-1/2.

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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