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Markets

CBOT soybeans signals mixed

  • A break above $13.64-3/4 could lead to a gain into $13.75-$13.85 range
29 Jul 2021

SINGAPORE: Signals are mixed for CBOT soybean November contract, as it is stuck in a neutral range of $13.52-1/4 to $13.64-3/4.

The nature of the rise from $13.32 remains unknown. It could be a resumption of the uptrend from the June 17 low of $12.40-1/2, or a bounce against the drop from $14.18.

Complicating the signals is the current sideways move, which offers little clue of where the contract is going.

A break above $13.64-3/4 could lead to a gain into $13.75-$13.85 range.

Soybeans extend run to 6-year high; South American weather in focus

Such a gain could indicate the continuation of the uptrend. A break below $13.52-1/4 could open the way towards $13.32. On the daily chart, a retracement analysis reveals a bigger neutral zone from $13.33-1/2 to $13.89-1/2.

Signals will become clearer when the contract gets out of the zone.

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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