SINGAPORE: The CBOT soybean January contract looks neutral in a range of $12.65 to $12.87-1/2 per bushel, and an escape could suggest a direction.
The contract managed to hover above a falling trendlline. Due to this behaviour, the drop triggered by the resistance at $12.87-1/2 looks like a pullback.
However, until the contract breaks above the resistance at $12.87-1/2, this pullback could still turn out to be a part of the consolidation below the resistance.
A break below $12.65 could open the way towards $12.35-1/4 to $12.42-1/4 range. On the daily chart, signals turned bullish, after the contract climbed above a resistance at $12.72-1/2.
Unfortunately, the candlestick on Monday is too small to confirm the completion of the current sideways move.
A close above $12.72-1/2 on Tuesday may suggest a further gain towards $13.00-3/4.
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.
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