CBOT soybeans may extend gains into $15.30-1/4 to $15.41-1/4 range
- The resistance at $15.14-1/4 may not hold.
SINGAPORE: The CBOT soybean May contract may extend its gains into a range of $15.30-1/4 to $15.41-1/4 per bushel, as it has briefly pierced above a resistance at $15.14-1/4.
Generally, the 161.8% projection level works as a strong resistance. However, a detailed study on the ten-minute chart suggests an incomplete five-wave cycle.
The resistance at $15.14-1/4 may not hold.
In case of a correction, first support is at $15.01-1/4, a break below which could open the way towards the range of $14.72-1/4 to $14.88-1/4.
On the daily chart, there is no bearish reversal signal yet.
The contract may keep on shooting into a range of $15.32-3/4 to $15.51.
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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