SINGAPORE: The CBOT soybean January contract may test a resistance at $14.72-1/2 per bushel, a break above which could open the way towards $14.88-1/4.
The surge on Nov. 28 confirmed an extension of the uptrend from the Oct. 6 low of $13.62-1/4.
Driven by a wave c, the trend may extend into $14.72-1/2 to $15.13-1/2 range.
The contract may fail to break $14.72-1/2 in its first attempt, which is strengthened by a similar one of $14.69-3/4.
The failure could be followed by a shallow correction. Support is at $14.60, a break below which could trigger a drop to $14.47-1/2.
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On the daily chart, the contract has broken a falling trendline.
The break significantly increased the chance of the contract to revisit the Sept. 13 high of $15.12-1/4.
An upward wave C from $13.62-1/2 seems to be developing towards $14.95-1/4.
Key support is at $14.44-1/4, a break below which may be followed by a drop to $14.13.
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