SINGAPORE: The CBOT soybean March contract may retest a resistance at $14.23-3/4 per bushel, a break above could lead to a gain at $14.38-1/2.
The contract rose above the Jan. 7 high of $14.15. The uptrend from the Nov. 9, 2021 low of $11.93 has thus been confirmed.
The trend is riding on a wave V, which may travel to $14.80, based on the depth of the wave IV. The current correction triggered by the resistance is expected to be brief, limited to $13.97-1/4.
A break above $14.13 may signal a continuation of the uptrend.
Soybeans near 1-week high on South American weather concerns; wheat firms
On the daily chart, the contract pierced above $14.11, the last barrier towards $14.45-1/2.
The shallow fall on Friday looks like a pullback towards $14.11, now a support.
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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