CBOT soybeans neutral in $14.04-1/2 to $14.20-1/2 range
- Only a rise above $14.33-1/2 could bring some hope to the continuation of the uptrend.
SINGAPORE: The CBOT soybean May contract looks neutral in a range of $14.04-1/2 to $14.20-1/2 per bushel, and an escape could suggest a direction.
A break below $14.04-1/2 could be followed by a drop towards $13.78-1/2 to $13.91-1/2 range. The bias seems to be towards this side.
A break above $14.20-1/2 could lead to a gain into $14.31-1/2 to $14.46-1/2.
On the daily chart, the pattern around $14.54-3/4 looks more and more like a double-top, based on the weak bounce from the April 1 low of $13.98-1/2.
Only a rise above $14.33-1/2 could bring some hope to the continuation of the uptrend.
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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