CBOT soybeans may fall into $13.78-1/2 to $13.91-1/2 range
- On the daily chart, the pattern around $14.54-3/4 looks like a double-top, based on the weak bounce from the April 1 low of $13.98-1/2.
SINGAPORE: The CBOT soybean May contract may break a support at $14.04-1/2 per bushel, and fall into $13.78-1/2 to $13.91-1/2 range.
The contract failed to break this support on April 1. The following bounce was disappointingly weak. It has ended around $14.31-1/2.
With the contract retesting the support at $14.04-1/2, it has a better chance of overcoming this barrier and falling into the target zone.
A break above $14.20-1/2 could lead to a gain into $14.31-1/2 to $14.46-1/2 range.
On the daily chart, the pattern around $14.54-3/4 looks like a double-top, based on the weak bounce from the April 1 low of $13.98-1/2.
This pattern will be confirmed when the contract breaks $13.76-3/4. It has a strong bearish indication.
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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