SINGAPORE: The CBOT soybean May contract is poised to break a resistance at $14.31-1/2 per bushel and rise towards $14.46-1/2.
A double-bottom forming around $13.91-1/2 has been confirmed, suggesting a target around $14.62-1/2.
Following its failure to break $14.31-1/2 on Tuesday, the contract may succeed this time.
A break below $14.20-1/2 could signal the second failure to overcome the barrier. A bearish target of $14.04-1/2 will be established then.
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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