SINGAPORE: The CBOT soybean July contract may break a support at $13.83-3/4 per bushel, and fall to $13.70-1/4. The bounce triggered by the support has been almost reversed.
The reversal signals a continuation of the downtrend. A projection analysis on the fall from $14.62-1/4 suggests a target of $13.70-1/4.
Another projection analysis on the fall from $14.16-3/4 marks a lower target of $13.55-1/4.
Soybeans at one-week low on US planting progress; wheat falls again
Resistance is at $13.97, a break above which could lead to a gain to $14.05-1/2.
On the daily chart, the contract broke a support at $13.91-1/2.
The break opened the way towards $13.56.
The current fall seems to be riding on a wave C from $15.01.
This wave has travelled far below its 61.8% projection level of $14.03-1/2.
Chances are it may extend to $13.43-1/4.
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