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Thursday, October 6, 2022

CBOT soybeans may test support at $13.80-3/4

SINGAPORE: The CBOT soybean November contract may test a support at $13.80-3/4 per bushel, a break below which could open the way towards $13.50-3/4.

The rise from $13.02-1/2 may have completed around a resistance at $14.29-1/4, as an exhaustion gap has been filled.

Given that the drop from $15.07-3/4 adopted an impulsive mode, while the rise from $13.02-1/2 a corrective mode, the downtrend from $15.84-1/4 looks steady.

The low of $13.02-1/2 may be revisited in due course.

A break above $14.29-1/4 could lead to a gain to $14.59-1/4.

On the daily chart, the first black candlestick appeared on Monday after two white candlesticks.

CBOT soybeans may end bounce below $13.62-1/2

The black candle suggests a failure of the contract to break a resistance at $14.08-1/2.

The downtrend from $15.84-1/4 is poised to resume, as it is expected to extend to $12.12, near the bottom of the wave 4.

CBOT soybeans may test support at .80-3/4

Source: Brecorder

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