SINGAPORE: The CBOT soybeans May contract is biased to retest a resistance at $10.73-1/2 per bushel, as suggested by its wave pattern and a retracement analysis.
A small five-wave cycle from $10.40-1/4 is still developing. So far, only four waves have completed. The fifth wave labelled v may approach $10.63-3/4 again, the 14.6 percent retracement on the uptrend from $9.55-3/4 to $10.82-1/2.
Even though the cycle seems to be developing within an expanding wedge, and the upper trendline of which suggests a target at $10.73-1/2, this target will only be confirmed when the contract breaks above $10.63-3/4.
A break below $10.52-1/2 could cause a loss to $10.40-1/4.
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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