CBOT soybeans may retest resistance at $14.54
- The uptrend from $8.23-3/4 so far remains intact. Indeed, it may have resumed, as the contract persistently rose towards $14.54-3/4.
SINGAPORE: The CBOT soybean May contract may retest a resistance at $14.54 per bushel, a break above which could lead to a gain into a range of $14.62-1/2 to $14.72-1/2.
The contract has cleared a lower resistance at $14.31-1/2. It is heading towards the next key resistance at $14.54. It failed twice to break $14.54, but may succeed in its current attempt.
A break below $14.31-1/2, now a support, may casue a fall to $14.20-1/2. On the daily chart, the contract has climbed above $14.33-1/2. It is heading towards $14.54-3/4, which is close to $14.54 on the hourly chart.
The uptrend from $8.23-3/4 so far remains intact. Indeed, it may have resumed, as the contract persistently rose towards $14.54-3/4.
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