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Wednesday, October 4, 2023

CBOT soybeans may retest support at $15.72-1/4

SINGAPORE: The CBOT soybean March contract may retest a support at $15.72-1/4 per bushel, with a good chance of breaking below this and falling into a narrow support zone of $15.31 to $15.42.

The sharp drop from the Feb. 10 high of $16.33 was due to the completion of a wave V-3 from $13.82-1/2. Five smaller waves make up this wave.

The drop could be extending towards the bottom of the wave 4 around $15.31.

Resistance is at $16.02-3/4, a break above could lead to a gain into the range of $16.21-3/4 to $16.52.

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On the daily chart, the exhaustion gap forming on Feb. 7 is likely to be filled soon.

The shooting star significantly increased the chance of a such a move.

A rising channel suggests target zone of $15.23-$15.42.

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 retest support at .72-1/4

Source: Brecorder

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