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CBOT soybeans may revisit Monday high of $15.63-1/2

  • The correction triggered by the resistance at $15.61-1/4 may have ended around $15.14-1/2. The wave 5 may have resumed.
Published May 4, 2021
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SINGAPORE: The CBOT soybean July contract may revisit its Monday high of $15.63-1/2 per bushel, as its uptrend looks steady.

The trend is driven by a wave 5, which could travel into $15.96-3/4 to $16.18-3/4 range, as pointed by a rising trendline.

The correction triggered by the resistance at $15.61-1/4 may have ended around $15.14-1/2. The wave 5 may have resumed.

A break below $15.14-1/2 could be followed by a drop into the zone of $14.90 to $15.03-1/2.

On the daily chart, the uptrend remains firm within a rising channel. The contract failed to break a resistance at $15.73 again.

However, the current correction is expected to be much shallower than the one from the April 27 high of $15.74-3/4.

A break above $15.73 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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