SINGAPORE: The CBOT soybean July contract may fall into a range of $12.70-1/4 to $12.77-1/2 per bushel, as suggested by a projection analysis. The downtrend from $14.62-1/4 has been riding on a wave C, which has travelled below its 138.2% projection level of $13.02-1/4.
It is expected to extend to $12.77-1/2.
Another projection analysis on a longer trend from $14.62-1/4 reveals a lower target zone of $12.56-3/4 to $12.70-1/4.
Resistance is at $12.92, a break above which could lead to a moderate gain to $13.02-1/4. On the daily chart, the contract is quickly approaching a support zone of $12.82-1/2 to $12.82-3/4.
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The strong momentum built on Tuesday may drive the contract below this zone over the next one or two days.
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