11.2 C
New York
Wednesday, February 28, 2024

CBOT soybeans biased to break support at $16.65

SINGAPORE: The CBOT soybean May contract is biased to break a support at $16.65 a bushel and fall into the $16.22-1/2 to $16.43-1/2 range.

The consolidation keeps going in a neutral zone of $16.43-3/4 to $16.91-1/4. After several days of sideways move, the contract failed to climb above a rising trendline.

The failure suggests a downside bias.

A downward wave c from $17.34 may resume and travel towards $16.22-1/2.

A break above $16.91-1/4 could lead to a gain into the $17.07-1/2 to $17.34 range.

Soybeans rise on firm vegoils, Argentina crop concerns; corn steady

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 biased to break support at .65

Source: Brecorder

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -

Latest Articles

Popular Articles