SINGAPORE: The CBOT soybean January contract may rise towards a resistance zone of $14.65-1/4 to $14.69-3/4 per bushel, to completed a wave c.
The zone is formed by the 161.8% projection level of a wave c from $13.66-3/4 and the 50% level of a bigger wave C from $13.62-1/4.
The small wave c may end around $14.65-1/4, while the resistance at $14.69-3/4 will be strong.
The contract is unlikely to break the zone and rise towards $14.95-1/4.
Support is at $14.36-1/2, a break below which may open the way towards $14.19-1/4 to $14.27-3/4 range.
CBOT soybeans may fall towards $13.27-3/4
Once the contract falls to this range, the uptrend from $13.62-1/4 will be confirmed to have reversed.
On the daily chart, the contract may extend its gains to $14.67, as pointed by a falling trendline.
Its failure to overcome a barrier at $14.54-3/4 casts some doubt on the target.
Once the contract breaks $14.37-1/4, the target will be aborted.
The break may be confirmed if the market closes below this level on Thursday.