- On the daily chart, the contract found a support at $13.33-1/2. It may bounce towards $13.89-1/2
SINGAPORE: The CBOT soybean November contract may retreat moderately to a support at $13.59-1/2 per bushel before testing a resistance at $13.76-3/4.
The contract is riding on a wave (c) from $13.32, which is expected to travel into a range of $13.76-3/4 to $14.04-1/2.
However, the resistance established by a falling trendline temporarily stopped the rise.
The small gap forming on Tuesday may be covered. The wave (c) will resume thereafter.
A break below $13.59-1/2 will not only open the way towards $13.49, but also signal a resumption of the downtrend.
On the daily chart, the contract found a support at $13.33-1/2. It may bounce towards $13.89-1/2.
A triangle is contracting to a point. It looks like a top pattern.
Most likely, the uptrend from the April 27, 2020 low of $8.26-3/4 has reversed.
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.