CBOT soybeans may test support at $14.45-1/4
- A break above $14.87-1/4 could lead to a gain to $15.13-1/4.
SINGAPORE: The CBOT soybean July contract may test a support at $14.45-1/4 per bushel, a break below which could cause a fall to $14.82-3/4.
The consolidation around a support at $14.74-1/4 is over, after the contract failed twice to break a resistance at $14.87-1/4.
A downward wave c has resumed towards its 100% projection level at $14.45-1/4. Once the contract drops to this level, it is likely to fall more to $14.28-3/4.
A break above $14.87-1/4 could lead to a gain to $15.13-1/4.
On the daily chart, the contract broke a support at $15.04-1/2 and completed a weak pullback towards this level. It is falling towards $14.19-1/2.
A rising trendline indicates a completion of the current wave (4) slightly above $14.19-1/2, which will be followed by an upward wave (5).
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.