SINGAPORE: The CBOT soybean January contract may rise to $12.80-3/4, as it has broken a resistance at $12.68-1/4 per bushel.
The contract is riding on a wave c, which started at $12.14-1/4. It is capable of travelling into a range of $12.80-3/4 to $13.22-1/4.
After a few days of consolidation, the contract eventually accumulated enough momentum to break $12.68-1/4 and rise towards the target zone.
Support is at $12.55-1/2, a break below which may cause a fall to $12.39-1/2. On the daily chart, the contract remains firm above a support at $12.51-1/2.
Chances are it may climb to $12.94-3/4, the 38.2% retracement of the downtrend from $14.79.
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