SINGAPORE: The CBOT soybean November contract is expected to break a resistance at $12.33 and rise into a range of $12.43-1/2 to $12.54-1/4 per bushel.
The contract has moved into the upper channel, which was duplicated from the lower channel. A bullish target of $12.54-1/4 has been established.
Condition is, the contract has to maintain above a support at $12.24-3/4, as a break below which could cause a fall towards a range of $12.09-3/4 to $12.16.
Such a fall basically could wipe out the chance of a further rise towards $12.54-1/4.
On the daily chart, the contract faces a resistance at $12.40, the 76.4% projection level of a downward wave c from $14.23.
This wave may have completed around its 100% projection level of $11.83-1/2, as suggested by the consecutive gains over the past few days. Based on this observation, the contract could climb to $12.74-3/4.
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 for this article.