SINGAPORE: The CBOT soybean November contract may test a resistance at $14.71-1/2 per bushel, a break above could open the way towards $15.01-1/2 to $15.14-3/4 range.
The contract has stabilized around a falling trendline and a support at $14.36-1/2.
The stabilization, along with the rise from the Sept. 16 low of $14.33-3/4, suggests both a completion of the correction and a continuation of the uptrend.
Indeed, the correction could be categorized as a pullback towards the trendline.
The focus is on whether the contract could break $14.71-1/2 and rise more.
China Aug soybean imports plunge 25% on year
A failure to overcome this barrier may be followed by a drop towards $14.36-1/2.
On the daily chart, the contract managed to stabilize around a support of $14.36-1/2.
Even though the contract is likely to retest the resistance at $14.71-1/2, trending signals will become clearer when it gets out of a neutral range of $14.36-1/2 to $14.71-1/2.
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