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CBOT soybeans may retest resistance at $14.23-1/4

  • The correction is presumed to have ended at $14.05 and the uptrend has resumed. A fall below $14.05 could be extended into the range of $13.88 to $13.94-3/4.
Published February 24, 2021
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SINGAPORE: The CBOT soybean March contract may retest a resistance at $14.23-1/4 per bushel, a break above which could lead to a gain into $14.36-1/2 to $14.44-3/4 range.

The current rise is controlled by two sets of projection levels on the uptrend respectively from $13.77-1/4 and from $13.66-1/2.

The resistance at $14.23-1/4 has temporarily stopped the rise and triggered a shallow correction. However, the uptrend is expected to eventually extend to $14.48-3/4.

The correction is presumed to have ended at $14.05 and the uptrend has resumed. A fall below $14.05 could be extended into the range of $13.88 to $13.94-3/4.

On the daily chart, the contract has cleared a resistance at $13.97, the last barrier towards $14.36-1/2. It will not only revisit $14.36-1/2, but also surpass this level and surge towards $16.00, as indicated by the depth of the fall from $14.36-1/2.

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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