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Sunday, December 3, 2023

CBOT soybeans may test support at $13.65

SINGAPORE: The CBOT soybean November contract may test a support at $13.65 per bushel, a break below which may open the way towards $13.50-3/4.

The strong rise triggered by the support at $13.50-3/4 may have been driven by a wave 4, the fourth wave of a five-wave cycle from the Sept. 13 high of $15.08-3/4.

This wave seems to have completed below a resistance at $14.02-1/2.

It will be reversed by the current wave 5. Resistance is at $13.88-1/4, a break above which may lead to a gain into $14.02-1/2 to $14.11-1/4 range.

On the daily chart, the contract faces a resistance at $13.95-3/4.

As long as it hovers below this barrier, the downtrend from $15.08-3/4 will remain intact.

Pace of Brazil soya planting slow

A break above $13.95-3/4 could open the way towards $14.38-3/4, as suggested by the upper channel, which is duplicated from the lower channel.

CBOT soybeans may test support at .65

Source: Brecorder

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