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Thursday, September 29, 2022

CBOT soybeans may test support at $12.78-1/4

SINGAPORE: The CBOT soybean November contract may test a support at $12.78-1/4 per bushel, a break below could open the way towards $12.07-1/2 to $12.51-1/4 range.

A wedge has been confirmed, signalling a target of $12.51-1/4. Once the contract drops to this level, it is likely to extend loss towards $12.07-1/2, as indicated by the Fibonacci projection analysis.

Resistance is at $13.09-1/4, a break above could lead to a gain into $13.22-1/4 to $13.47-1/4 range.

On the daily chart, a pennant has been confirmed, suggesting a much lower target of $11.24-1/4.

CBOT soybeans neutral in $13.66 to $13.93 range

A realistic target will be $12.12-1/4. Both the former supports at $14.08-3/4 and $13.00-1/4 worked effectively.

The support at $12.12-1/4 is expected to stop the fall and trigger a bounce as well.

CBOT soybeans may test support at .78-1/4

Source: Brecorder

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