SINGAPORE: The CBOT soybean November contract may extend its gains into a range of $14.02-1/2 to $14.11-1/4 per bushel, as it has broken a resistance at $13.88-1/4.
The strong rise triggered by the support at $13.50-3/4 suggests a completion of the wave 3 from $14.88-3/4.
The contract is presumed to be riding on a wave 4, which has travelled above a resistance at $13.88-1/4.
The next resistance is at $14.02-1/2, a break above which could lead to a gain to $14.11-1/4 to $14.25-3/4 range.
Support is at $13.76-3/4, a break below which may indicate the completion of the wave 4.
CBOT soybeans may fall towards $13.27-3/4
A bearish target zone of $13.50-3/4 to $13.65 will be established accordingly.
On the daily chart, there was a false break below $13.60-3/4.
The contract is testing a resistance at $13.95-3/4, a break above which may open the way towards $14.38-3/4.
A failure may be followed by a continuation of the downtrend towards $13.25-3/4.
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