SINGAPORE: The CBOT soybean January contract may test a resistance at $14.36-1/2 per bushel, a break above could open the way towards $14.51 to $14.65-1/4 range.
The contract is riding on a wave c, which has travelled above its 100% projection level of $14.27-3/4.
It is extending towards a range of $14.51 to $14.65-1/4.
The pattern between Oct. 6 and Oct. 19 looks like a double-bottom, which has been more or less confirmed.
It suggests a target around $14.65-1/4 as well.
A break below $14.27-3/4, now a support, may trigger a drop into $14.13-1/4 to $14.19-1/4 range.
On the daily chart, the contract is expected to test a resistance at $14.37-1/4, with a good chance of breaking above this level and rising towards $14.54-3/4.
CBOT soybeans may test support at $14.01-1/4
Strong as it is, the current rise is classified as a wave b, the second wave of a bigger wave C from $15.12-1/4.
The wave b may end around $14.54-3/4, to be then reversed by a downward wave c.