SINGAPORE: The CBOT soybean May contract may break a support at $16.43-3/4 a bushel and fall to $16.22-1/2.
The correction from the Feb. 24 high of $17.59-1/4 consists of three waves. The current wave c could travel into a range of $15.53-3/4 to $16.22-1/2.
The bounce triggered by the support is classified as a pullback towards a rising trendline. With the contract approaching $16.43-3/4 again, the wave c may have resumed.
Resistance is at $16.65, a break above which could lead to a gain to $16.91-1/4.
On the daily chart, the contract is falling towards the lower trendline of a triangle.
A break below $16.22 could confirm the triangle as a top pattern, while a break above $16.94-1/2 could suggest a continuation of the uptrend towards $17.39-1/2.
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 for this article.