Soybeans to drop to $13.81

SINGAPORE: CBOT soybeans May contract will fall further to $13.981 as it has cleared support at $14.14-1/2 per bushel provided by the neckline of a double-top pattern.

Based on the price difference between the head and the neckline of the pattern, a target has been fixed at $13.81.

Strategically, a drop below $14.02 is needed to confirm the target at $13.81 as a further rise to $14.02 will invalidate the pattern.

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