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Wednesday, September 28, 2022

CBOT soybeans biased to test resistance at $13.47-1/4

SINGAPORE: The CBOT soybean November contract is biased to test a resistance at $13.47-1/4 per bushel, a break above which could lead to a gain to $13.66 to $13.93 range.

Signals are a bit mixed after the contract failed to climb into a wedge.

The failure suggests that the rise from the July 22 low of $12.88-1/2 could be indeed a pullback towards the pattern.

However, the bullish divergence on the hourly RSI sends a conflicting signal, indicating an extension of the bounce.

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

A wedge sometimes could be deceiving, becoming invalid immediately after being confirmed.

The bullish scenario is now much favoured.

A break below $13.09-1/4 could open the way towards $12.78-1/4 to $12.95 range.

On the daily chart, the support at $13.00-1/4 triggered the second bounce, which undermines both a bearish wedge and a pennant.

It is not very clear how strong the bounce would be.

The clear part is that it could be weaker than the first one from the July 5 low of $13.04.

CBOT soybeans biased to test resistance at .47-1/4

Source: Brecorder

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