AGL 6.85 Increased By ▲ 0.11 (1.63%)
ANL 9.40 Increased By ▲ 0.08 (0.86%)
AVN 82.35 Increased By ▲ 1.90 (2.36%)
BOP 5.43 Increased By ▲ 0.02 (0.37%)
CNERGY 5.02 Increased By ▲ 0.06 (1.21%)
EFERT 82.69 Increased By ▲ 2.78 (3.48%)
EPCL 56.84 Increased By ▲ 0.51 (0.91%)
FCCL 15.65 Decreased By ▼ -0.22 (-1.39%)
FFL 6.49 Increased By ▲ 0.14 (2.2%)
FLYNG 8.38 Increased By ▲ 0.08 (0.96%)
GGGL 10.25 Increased By ▲ 0.17 (1.69%)
GGL 16.64 Increased By ▲ 0.38 (2.34%)
GTECH 8.84 Increased By ▲ 0.36 (4.25%)
HUMNL 6.53 Increased By ▲ 0.14 (2.19%)
KEL 3.03 Increased By ▲ 0.05 (1.68%)
LOTCHEM 29.12 Increased By ▲ 0.23 (0.8%)
MLCF 28.90 Increased By ▲ 0.25 (0.87%)
OGDC 74.99 Increased By ▲ 0.49 (0.66%)
PAEL 16.40 Increased By ▲ 0.27 (1.67%)
PIBTL 5.71 Increased By ▲ 0.06 (1.06%)
PRL 17.34 Increased By ▲ 0.36 (2.12%)
SILK 1.17 Decreased By ▼ -0.02 (-1.68%)
TELE 11.57 Increased By ▲ 0.12 (1.05%)
TPL 8.22 Increased By ▲ 0.22 (2.75%)
TPLP 22.23 Increased By ▲ 0.88 (4.12%)
TREET 23.80 Increased By ▲ 0.70 (3.03%)
TRG 147.85 Increased By ▲ 3.94 (2.74%)
UNITY 23.68 Increased By ▲ 0.67 (2.91%)
WAVES 11.80 Increased By ▲ 0.20 (1.72%)
WTL 1.63 Increased By ▲ 0.06 (3.82%)
BR100 4,223 Increased By 43.1 (1.03%)
BR30 16,485 Increased By 283.8 (1.75%)
KSE100 41,928 Increased By 316.6 (0.76%)
KSE30 15,800 Increased By 195.9 (1.26%)
Markets

CBOT soybeans may fall towards $13.09-1/4

  • The completion of this cycle means a continuation of the downtrend from $14.18
Published August 26, 2021
Follow us

SINGAPORE: The CBOT soybean November contract may fall towards $13.09-1/4 per bushel, following its failure to break a resistance at $13.36-3/4.

The failure marks the completion of wave c, which could be clearly divided into five smaller waves. It is the third leg of a corrective wave cycle from the Aug. 20 low of $12.77-1/4.

The completion of this cycle means a continuation of the downtrend from $14.18. A break above $13.36-3/4 may lead to a gain to $13.50-1/2.

On the daily chart, a small doji formed on Wednesday around a resistance at $13.26-1/2. It signals a false break above this level.

Corn is more likely to retreat towards $12.98-1/4 than to rise towards $13.61-1/4, as a downward wave 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.

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.

Comments

Comments are closed.