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Monday, December 5, 2022

CBOT soybeans may fall towards $13.27-3/4

SINGAPORE: The CBOT soybean November contract may break a support at $13.50-3/4 per bushel, and fall towards $13.27-3/4.

A powerful wave iii is unfolding towards a wide range of $12.67 to $13.27-3/4.

A bearish pennant suggests a target around $13.10. Further to these bearish indications, a retracement analysis reveals a break below the key support of $13.72-1/2.

The break significantly increases the chance of the price to return to $12.88-1/2.

A break above $13.65 could lead to a gain into $13.76-3/4 to $13.88-1/4 range.

On the daily chart, trending signal remains bearish.

CBOT soybeans may retest support at $13.65

The downtrend has been confirmed after the contract broke a support of $13.60-3/4.

The next support will be at $13.25-3/4, a break below which could open the way towards $12.82-3/4.

CBOT soybeans may fall towards .27-3/4

Source: Brecorder

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