SINGAPORE: CBOT soybean May contract may retest a support of $14.93-1/4 per bushel, a break below which could cause a fall into a range of $14.80-1/2 to $14.86-3/4. The contract is riding on a wave c, the third of a three-wave cycle from the April 3 high of $15.27-3/4.
This wave is capable of travelling to $14.77.
Resistance is at $15.07-1/4, a break above which could lead to a gain into the $15.13-1/2 to $15.20 range.
On the daily chart, signals are a bit mixed as the contract looks sideways in a range of $14.84-3/4 to $15.09-1/2.
China March soybean imports rise 8% on year
Wave pattern suggests a downside bias as the contract could be riding on a wave (C) from $15.49-3/4, which is capable of travelling to $14.03.
A break below $14.84-3/4 could confirm the continuation of this wave.
A break above $15.09-1/2 would raise a big doubt on this wave count.
Comments
Comments are closed.