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Markets

CBOT soybeans may retest resistance at $15.61-1/4

  • The contract is expected to retest a resistance at $15.73. A break could open the way towards $16.41-3/4.
Published May 5, 2021
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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 fall from the Monday high of $15.63-1/2 has been mostly reversed. The reversal signals a continuation of a wave 5.

A rising trendline points at a target range of this wave from $15.96-3/4 to $16.18-3/4.

Support is at $15.25-1/2, a break below which could be followed by a drop into $15.03-1/2 to $15.14-1/2 range.

On the daily chart, the uptrend remains firm within a rising channel.

The contract is expected to retest a resistance at $15.73. A break could open the way towards $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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