- The bounce triggered by the support at $12.77-1/2 consists of three waves
SINGAPORE: The CBOT soybean November contract may retest a resistance at $13.10 per bushel, a break above could lead to a gain into the range of $13.19-3/4 to $13.31-3/4.
The bounce triggered by the support at $12.77-1/2 consists of three waves.
The wave c may be as long as the wave a, to travel into the target zone.
The wave c could be shorter as well to end around $13.10.
The downtrend from $14.23 is expected to resume, upon the completion of the bounce, as the preceding uptrend from $12.40-1/2 has been so much reversed that this level may be revisited.
On the daily chart, the contract may consolidate further above $12.98-1/4 for one or two days before falling again, as it is riding on a downward wave c from $14.18, which is expected to travel into a range of $11.78-1/2 to $12.69-3/4.
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