CBOT soybeans neutral in $13.03-1/4 to $13.31-1/2 range
- A break above $13.31-1/2 could open the way towards $13.66-1/4
SINGAPORE: The CBOT soybean November contract looks neutral in a range of $13.03-1/4 to $13.31-1/2 per bushel, and an escape could suggest a direction.
A break above $13.31-1/2 could open the way towards $13.66-1/4. However, the bias could be towards the downside, as the contract is riding on a wave C from $14.23, which may travel into $11.83-1/2 to $12.74-3/4 range.
A break below $13.03-1/4 could confirm the continuation of the wave C towards $12.74-3/4. On the daily chart, the contract could have ended its pullback around a resistance at $13.33-1/2.
CBOT soybeans may retest narrow resistance zone of $14.15-3/4 to $14.24-1/2
It is falling towards $12.88-1/2, which is pointed by a short rising trendline.
A break above $13.33-1/2 could open the way towards $13.89-1/2.
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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