CBOT soybeans may bounce into $14.87-1/4 to $15.13-1/4 range
- Based on the projection analysis, the contract is supposed to fall to $14.19-1/2.
SINGAPORE: The CBOT soybean July contract may bounce into a range of $14.87-1/4 to $15.13-1/4,as it has stabilized around a support at $14.74-1/4 per bushel.
The support is provided by the 61.8% retracement of the uptrend from $13.55 to $16.67-1/2.
The contract briefly pierced below this support. However, there is a lower one at $14.45-1/4, which might be the ultimate target for the wave c.
That means the contract is likely to end its fall above $14.45-1/4. Only a break below $14.45-1/4 could confirm a continuation of the wave c towards $13.77.
On the daily chart, a wave (4) is unfolding. Even though the contract broke a support at $15.04-1/2, it may pull back towards this former support first.
Based on the projection analysis, the contract is supposed to fall to $14.19-1/2.
However, the readings on the hourly chart do not support such a fall.
As far as Tuesday is concerned, the contract may either remain flat or bounce a bit.
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.