CBOT soybeans may rise into $14.15-1/4 to $14.38-1/4 range
- Chances are the contract may fail to break $14.01-1/4 in its first attempt and then retreat moderately towards $13.89-3/4. A rise to $14.03 may confirm a break above $14.01-1/4.
SINGAPORE: The CBOT soybean March contract may break a resistance at $14.01-1/4 per bushel, and rise into a range of $14.15-1/4 to $14.38-1/4.
The contract is riding on a wave c, the third wave of a three-wave cycle from the Jan. 25 low of $12.98. This wave is expected to travel to $14.38-1/4, its 100% projection level.
Even though this wave c is unlikely to end around $14.01-1/4, this 61.8% projection level may work as a strong resistance.
Chances are the contract may fail to break $14.01-1/4 in its first attempt and then retreat moderately towards $13.89-3/4. A rise to $14.03 may confirm a break above $14.01-1/4.
A break below $13.89-3/4 could open the way towards $13.78-1/4. On the daily chart, the contract has more or less cleared a resistance at $13.97. It may revisit the high of $14.36-1/2.
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.