CBOT soybeans may rise to $16.25-1/4 per bushel
- This wave has overcome the barrier at $15.73. It is expected to extend towards the next resistance at $16.41-3/4.
SINGAPORE: The CBOT soybean July contract may break a resistance at $15.99-1/4 per bushel and rise to $16.25-1/4, driven by a powerful wave C.
There are five smaller waves making up the first part of the wave C. This impulsive mode suggests a stronger rally is coming. A projection analysis reveals a conservative target of the wave C at $16.70, which is near the May 12 high of $16.67-1/2.
Support is at $15.78-1/4, a break below which may be followed by a drop to $15.57-1/4. On the daily chart, the contract is riding on a wave (5) which is expected to travel above the peak of the wave (3) at $16.67-1/2.
This wave has overcome the barrier at $15.73. It is expected to extend towards the next resistance at $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.