SINGAPORE: The CBOT soybean July contract may climb into a range of $13.35-1/4 to $13.44-3/4 as it managed to stabilize around a support at $13.05-1/4 again.
The two stabilizations suggest the formation of a flat pattern or a bullish double-bottom. The latter will be confirmed when the contract breaks $13.44-3/4. Both indicate a rise to $13.44-3/4.
Immediate support is at $13.13-1/2, a break below which could open the way towards the $12.92 to $13.05-1/4 range.
Soybeans, corn under pressure from dismal demand, strong dollar
On the daily chart, the consolidation seems to have extended within a range of $13.06 to $13.44-1/2.
What the sideways move could eventually evolve will only be obvious after an escape of the contract from the range.
A break below $13.06 could open the way towards $12.82-1/2.
Source: Brecorder
