CBOT soybeans to retest support at $13.15
- The contract remains below $13.33-1/2 after breaking this level. It is likely to fall towards $12.88-1/2
SINGAPORE: CBOT soybean November contract is expected to retest a support at $13.15 per bushel, a break below which could cause a fall into a range of $12.94-3/4 to $13.06-1/4.
The downtrend from the July 19 high of $14.18 looks incomplete.
It consists of three waves. The current wave c from $13.80-3/4 is expected to travel to $12.94-3/4, as it did not end around $13.27-1/2.
Soybeans extend run to 6-year high; South American weather in focus
A break above $13.27-1/2 could lead to a gain into $13.37-3/4 to $13.47-3/4 range.
On the daily chart, the contract is riding on a downward wave C, which could travel into a range of $11.87-1/4 to $12.43-1/4.
The contract remains below $13.33-1/2 after breaking this level. It is likely to fall towards $12.88-1/2.
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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