SINGAPORE: The CBOT soybean March contract may rise into a range of $16.40-1/4 to $16.52 per bushel, driven by a powerful wave 3.
This is the third and the fiercest wave of a wave V-5 from Feb. 15 low of $15.42-1/4.
It was confirmed by the strong surge on Tuesday.
The depth of the wave v-4 suggests a target around $17.20.
A realistic target could be either $16.40-1/4 or $16.52.
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A correction from the current level may be limited to $16.02-3/4.
On the daily chart, the contract is expected to retest a resistance at $16.40-1/2, a break above which could lead to a gain into $16.52-$16.71 range.
On the continuous daily chart, the contract is highly likely to revisit its April 2021 high of $16.77-1/4, as it has cleared a resistance at $16.08-1/4.
Even though the resistance at $16.77-1/4 may trigger a correction, the uptrend may eventually extend far above this level.
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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