CBOT soybeans may retest resistance at $15.58
- Based on this projection analysis, the contract may test a resistance at $15.73, a break above which could lead to a gain to $16.41-3/4.
SINGAPORE: The CBOT soybean July contract may retest a resistance at $15.58 per bushel, a break above which could open the way towards $15.68-3/4 to $15.82-1/4 range.
The strong rise on Thursday signals a completion of the fall from the May 12 high of $16.67-1/2. The rise still observes closely a set of the projection levels of a downward wave c from $16.04-1/4.
A small double-bottom forming around $14.89-3/4 suggests a target of $15.68-3/4. Support is at $15.33-1/2, a break below which may be followed by a shallow drop to $15.24-1/4.
On the daily chart, the contract failed to break a support at $15.04-1/4, the 38.2% projection level of an uptrend from $12.82-1/4.
Based on this projection analysis, the contract may test 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.
Comments
Comments are closed for this article.