CBOT soybeans may retest resistance at $14.62-1/2
- On the daily chart, the contract is riding on a wave 5, which may travel to $15.51, as suggested by the depth of the wave 4.
SINGAPORE: The CBOT soybean May contract may retest a resistance at $14.62-1/2 per bushel, a break above which could lead to a gain into a range of $14.72-1/4 to $14.88-1/4.
The contract is riding on a wave C from $13.36-3/4, which is expected to extend into a range of $14.88-1/4 to $15.14-1/4, as it has deeply pierced above its 100% projection level of $14.46-1/2.
This wave is unfolding within a rising channel, which remains intact. A break below $14.31-1/2 would confirm a violation of this channel, and a bearish target of $14.04-1/2 will be established then.
On the daily chart, the contract is riding on a wave 5, which may travel to $15.51, as suggested by the depth of the wave 4.
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.
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