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Wednesday, July 6, 2022

CBOT soybeans to retreat to $12.24-1/2, falling trendline an obstacle

SINGAPORE: The CBOT soybean November contract may retreat to $12.24-1/2 per bushel, as it failed to break a falling trendline again.

The contract may drop more to accumulate the needed momentum for retesting this line. It is riding on a wave c, which may travel to $12.81.

The anticipated drop is classified as a shallow correction against the wave c, instead of an extension of the fall from the Oct. 21 high of $12.49-1/2.

Only a break below $12.24-1/2 could signal either the extension of the fall, or a continuation of the downtrend from $13.79-3/4.

On the daily chart, a doji forming around $12.40 on Tuesday suggests a failure of the contract to break this resistance.

The contract may fall towards $12.16.

A rise above the Tuesday high of $12.46-1/4 could confirm a break and a target of $12.74-3/4.

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 to retreat to .24-1/2, falling trendline an obstacle

Source: Brecorder

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