SINGAPORE: The CBOT soybean November contract may retest a resistance at $14.43-1/4 per bushel, as it has found a strong support zone of $14.02-1/4 to $14.18.
Making this zone stronger is a support established by a rising trendline.
As long as the contract hovers above this line, it is likely to resume its uptrend from $13.77.
A break above $14.43-1/4 could lead to a gain to $14.59, while a break below $14.18 may open the way towards $13.77 to $14.02-1/4 range.
On the daily chart, the contract seems to be consolidating within a wedge.
CBOT soybeans may retest support at $14.30-3/4
The long-shadowed hammer on Tuesday suggests a completion of the fall from the August 24 high of $14.84-1/2. The contract may bounce towards the upper trendline.
A close above $14.32-1/2 on Wednesday will confirm the hammer as a reversal signal, while a close below it could be followed by a drop towards $14.03-1/4.
Comments
Comments are closed for this article.