CBOT soybeans may retest resistance at $15.61-1/4
- On the daily chart, the uptrend remains firm within a rising channel.
SINGAPORE: The CBOT soybean July contract may retest a resistance at $15.61-1/4 per bushel, a break above which could lead to a gain into $15.74-3/4 to $15.96-3/4 range.
The contract is riding on a wave 5, which is capable of travelling into the range of $15.96-3/4 to $16.18-3/4, as pointed by a rising trendline.
A small double-bottom forming around $14.90 suggests a target of $15.96-3/4 as well.
The current correction triggered by the resistance at $15.61-1/4 could be classified as a pullback towards the neckline of the pattern.
The pullback may end around $15.39.
On the daily chart, the uptrend remains firm within a rising channel.
The contract is poised to retest a resistance at $15.73, a break above which could lead to a gain to $16.41-3/4.
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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