By
SINGAPORE: The CBOT soybean January contract may break a resistance at $14.86-1/2 per bushel, and rise into the $14.93-3/4 to $15.01-1/2 range.
The surge on Tuesday confirmed an extension of the uptrend from $14.06-3/4.
A projection analysis based on the preceding rise from $14.25-1/4 reveals a target zone of $14.93-3/4 to $15.01-1/2.
Until the contract climbs into this zone, it is still controlled by a set of retracements on the trend from $14.06-1/4.
China’s November soybean imports from U.S. fall 7%
Support is at $14.75-3/4, a break below which could trigger a shallow drop into the $14.69-3/4 to $14.72-1/4 range.