CBOT soybeans may retest resistance at $13.36-3/4
- The wave 4 is expected to end around $13.19-1/4, to be reversed by the wave 5
SINGAPORE: The CBOT soybean November contract may retest a resistance at $13.36-3/4 per bushel, a break above which could lead to a gain to $13.43.
The contract is riding on a wave c, which consists of five smaller waves. The wave 4 is expected to end around $13.19-1/4, to be reversed by the wave 5.
A break below $13.19-3/4 may cause a fall to $13.10. The downtrend is supposed to resume when the wave 5 ends in the range of $13.36-3/4 to $13.43.
On the daily chart, a morning star formed. This bullish reversal pattern suggests a further rise. Bulls are advised not to take much fancy to the following gains, as a downward wav c from $14.18 looks incomplete.
This wave could travel to $11.78-1/2. At least, it could fulfil its minimum target of $12.69-3/4. It may resume when the current bounce ends below $13.61-1/4.
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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