SINGAPORE: The CBOT soybean May contract may end its bounce around a resistance at $16.91-1/4 a bushel and resume its drop thereafter.
The bounce is classified as a pullback towards a rising trendline, which also establishes a resistance around $16.91-1/4.
A break below $16.65 could confirm the continuation of the wave c towards $16.22-1/2, while a break above $16.91-1/4 may lead to a gain into $17.07-1/2 to $17.34 range.
CBOT soybeans may fall to $16.22-1/2
On the daily chart, the contract is consolidating within a triangle. Signals may remain neutral as long as the contract stays in the narrow range of $16.44-1/2 to $16.94-1/2.
A break below $16.44-1/2 could open the way towards $15.94-1/4 to $16.22 range, while a break above $16.94-1/2 may lead to a gain into $17.13-1/2 to $17.39-1/2 range.
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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