AGL 6.75 Increased By ▲ 0.01 (0.15%)
ANL 9.39 Increased By ▲ 0.07 (0.75%)
AVN 81.94 Increased By ▲ 1.49 (1.85%)
BOP 5.43 Increased By ▲ 0.02 (0.37%)
CNERGY 5.00 Increased By ▲ 0.04 (0.81%)
EFERT 82.51 Increased By ▲ 2.60 (3.25%)
EPCL 56.65 Increased By ▲ 0.32 (0.57%)
FCCL 15.61 Decreased By ▼ -0.26 (-1.64%)
FFL 6.46 Increased By ▲ 0.11 (1.73%)
FLYNG 8.40 Increased By ▲ 0.10 (1.2%)
GGGL 10.22 Increased By ▲ 0.14 (1.39%)
GGL 16.64 Increased By ▲ 0.38 (2.34%)
GTECH 8.80 Increased By ▲ 0.32 (3.77%)
HUMNL 6.51 Increased By ▲ 0.12 (1.88%)
KEL 3.02 Increased By ▲ 0.04 (1.34%)
LOTCHEM 29.10 Increased By ▲ 0.21 (0.73%)
MLCF 28.79 Increased By ▲ 0.14 (0.49%)
OGDC 74.88 Increased By ▲ 0.38 (0.51%)
PAEL 16.40 Increased By ▲ 0.27 (1.67%)
PIBTL 5.72 Increased By ▲ 0.07 (1.24%)
PRL 17.31 Increased By ▲ 0.33 (1.94%)
SILK 1.18 Decreased By ▼ -0.01 (-0.84%)
TELE 11.58 Increased By ▲ 0.13 (1.14%)
TPL 8.23 Increased By ▲ 0.23 (2.88%)
TPLP 22.15 Increased By ▲ 0.80 (3.75%)
TREET 23.77 Increased By ▲ 0.67 (2.9%)
TRG 147.25 Increased By ▲ 3.34 (2.32%)
UNITY 23.38 Increased By ▲ 0.37 (1.61%)
WAVES 11.80 Increased By ▲ 0.20 (1.72%)
WTL 1.59 Increased By ▲ 0.02 (1.27%)
BR100 4,214 Increased By 34.4 (0.82%)
BR30 16,450 Increased By 248.4 (1.53%)
KSE100 41,853 Increased By 241.3 (0.58%)
KSE30 15,767 Increased By 162.2 (1.04%)
Follow us

SINGAPORE: The CBOT soybean January contract may test a resistance at $12.67 per bushel, a break above which could lead to a gain into $12.81-1/2 to $12.93-1/2 range.

A five-wave cycle from $13.83-3/4 has completed, as confirmed by the strong rise from $11.80-3/4. The contract is close to the peak of the wave 4 and a trendline resistance at $12.67.

The contract may fail to break $12.67 in its first attempt. The failure could be followed by a flat consolidation below the resistance or a drop towards $12.43-1/4.

On the daily chart, a medium-term correction from the June 7 high of $14.79 has completed, as confirmed by a projection analysis which reveals the equal length of the wave A and the wave C.

The upper channel suggests a target of $13.03, which is still too far away to be realistic. After climbing above the lower channel, the contract is yet to pull back towards it. The consecutive rise may be interrupted by this pullback.

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.