SINGAPORE: The CBOT soybeans May contract may rise more to $10.63-3/4 per bushel, as it has broken a resistance at $10.52-1/2.
The resistance was provided by the 23.6 percent retracement on the uptrend from $9.55-3/4 to $10.82-1/2. The next resistance will be at $10.63-3/4, a break above which could lead to a gain to $10.73-1/2.
The strong surge from the April 4 low of $9.83-1/2 confirms a continuation of the uptrend from $9.55-3/4. Eventually, this trend could extend beyond $10.82-1/2.
A drop to $10.46 could confirm the break above $10.52-1/2 was false, and a bearish target at $10.34 may be established.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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