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Thursday, September 29, 2022

CBOT soybeans to retest resistance at $17.77-1/4

SINGAPORE: The CBOT soybean July contract is expected to retest a resistance at $17.77-1/4 per bushel, with a good chance of breaking above this level and rising to $17.89-1/4.

The strong surge on Thursday confirmed the progress of a powerful wave (3), which is strong enough to travel to $18.09-1/4. The correction from the Thursday high of $17.48 seems to have completed around a support at $17.60-3/4.

The wave (3) could have resumed towards $18.09-1/4.

Immediate support is at $17.63-1/4, a break below which may cause a fall into $17.46 to $17.57-1/2 range.

CBOT soybeans may retest resistance at $17.37-1/2

On the daily chart, a bullish wedge has been confirmed, suggesting a target of $18.40.

A projection analysis reveals a realistic target zone of $17.92-1/4 to $18.17-3/4.

CBOT soybeans to retest resistance at .77-1/4

Source: Brecorder

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