SINGAPORE: The CBOT soybean March contract may retest a support at $15.15-1/4 per bushel, a break below which could open the way towards $15.05-3/4.
The support is strengthened by a similar one established by a rising trendline. Together, these supports temporarily stopped the fall.
A wave B ended at $15.05-3/4, which serves as a target. In view of the possible drop in future, the current bounce may be brief and weak.
A break above $15.30-3/4 could lead to a gain to $15.38-1/2.
On the daily chart, the contract is falling towards a rising trendline which suggests a target around $15.07-3/4.
A group of close highs from Dec. 30, 2022, to Feb. 13, 2023, strongly suggest the formation of a round top, which will be confirmed once the contract drops below $15.07-3/4.
Funds may have expanded bullish bets in CBOT soy, meal and corn
A break above $15.35 may signal the continuation of the uptrend towards the $15.51-1/2 to $15.72-1/4 range.
Comments
Comments are closed.