SINGAPORE: The CBOT soybean November contract may retest a resistance at $14.76-3/4 per bushel, with a good chance of breaking above this level and rising into $15.00-1/4 to $15.29-1/2 range.
The contract is riding on a wave C from $13.76-1/2.
This wave is expected to travel into a wide range from $15.00-1/4 to $15.77.
A wedge has been confirmed as a bullish continuation pattern, suggesting a target of $15.29-1/2.
The correction on Wednesday is classified as a pullback towards this pattern.
With the contract having stabilized around $14.53, the pullback could have completed.
CBOT soybeans may rise into $15.00-1/4 to $15.29-1/2 range
A drop below $14.47-1/2 may suggest an extension of the pullback towards $14.23-3/4.
On the daily chart, a more bullish pennant has been confirmed, suggesting a target of $15.76-1/2.
The long-shadowed doji on Wednesday looks negligible, as it appeared after two big white candles.
The market sentiment could still be bullish.
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