CBOT soybeans may test support at $15.11-3/4
- On the daily chart, the contract is sliding towards $15.04-1/4.
SINGAPORE: The CBOT soybean July contract may test a support at $15.11-3/4 per bushel, a break below which could cause a fall limited to $14.98.
The contract is riding on a wave c which is still unfolding. The immediate support at $15.24-1/4 seems unable to hold, as the weak bounce it triggered has been reversed.
The $15.11-3/4 level will be critical in evaluating the length of the wave c, which may extend into a range of $14.54-1/2 to $14.76-1/4 or complete very soon.
Resistance is at $15.47, a break above which could lead to a gain to $15.68-3/4.
On the daily chart, the contract is sliding towards $15.04-1/4.
A congestion area forming between April 27 and April 30 suggests a pause of the drop around $15.04-1/4.
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