SINGAPORE: The CBOT soybean November contract may test 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 contract is riding on a wave c from $13.80-3/4, which is expected to travel to $12.94-3/4. The bounce triggered by the support at $13.15 seems to have ended around a resistance at $13.37-3/4. The wave c may have resumed.
Strategically, the target of $13.15 will be confirmed when the contract breaks $13.23-1/4. A break above $13.37-3/4 could lead to a gain to $13.47-3/4.
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 weak bounce over the past two days is considered as a pullback towards a former support of $13.33-1/2.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. 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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