SINGAPORE: The CBOT soybean November contract may test a support at $14.37-1/4 per bushel, a break below may open the way towards $14.03-1/4 to $14.22 range.
The contract is riding on a wave c, the third wave of a correction from the Sept. 13 high of $15.08-3/4.
This wave is capable of travelling into $14.22 to $14.52-1/4 range.
The uptrend may resume upon the completion of the wave c, as a bigger wave (C) from $13.56 looks incomplete, which may eventually travel to $15.54-1/2.
Resistance is at $14.71, a break above may lead to a gain into a zone of $14.84 to $15.01-1/2.
China’s soybean imports from Brazil plunge in August
On the daily chart, the contract is falling towards $14.36-1/2, after its failure to break a resistance at $14.71-1/2 again.
A projection analysis on the downtrend from $15.08-3/4 offers a bearish outlook, as the trend is closely related to the preceding downtrend from the June 9 high of $15.84-3/4.
Comments
Comments are closed.