SINGAPORE: The CBOT soybean July contract may drop more towards a range of $13.40-1/4 to $13.48-3/4 per bushel, as suggested by a pennant and a projection analysis.
The pennant indicates a much lower target of $13.26.
The projection analysis on the fall from $14.62-1/4 still works well.
It reveals a proper target zone of $13.40-1/4 to $13.48-3/4.
Resistance is at $13.65-3/4, a break above which could lead to a gain into $13.70-1/4 to $13.77.
CBOT soybeans may fall to $13.70-1/4
Such a gain will be classified as a bounce. On the daily chart, a projection analysis on a wave C and a bigger wave (C) marks a target zone of $13.43-1/4 to $13.44-1/2, as the contract has broken a support of $13.64-1/2.
The fall is supposed to pause around the zone, probably to be followed by a bounce.
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