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Saturday, September 23, 2023

CBOT soybeans may rise into $12.09-3/4 to $12.22-1/2 range

SINGAPORE: The CBOT soybean November contract may rise into a range of $12.09-3/4 to $12.22-1/2 per bushel, following the completion of a five-wave cycle.

The cycle is expected to be partially or totally reversed. The bullish divergence on the hourly RSI confirms a completion of the cycle and suggests a further bounce.

Support is at $11.88-1/2, a break below which could signal a continuation of the downtrend towards the range of $11.71-3/4 to $11.82-1/4.

On the daily chart, the contract stabilised around a support at $11.83-1/2, the 100% projection level of a downward wave c from $14.23.

This wave could either end around $11.83-1/2 or extend far below it. Regardless of the ending point, the contract may hover above $11.83-1/2 for some time.

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.

CBOT soybeans may rise into .09-3/4 to .22-1/2 range

Source: Brecorder

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