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Saturday, December 3, 2022

CBOT soybeans still targets $14.27-3/4 to $14.36-1/2 range

SINGAPORE: The CBOT soybean January contract still targets a range of $14.27-3/4 to $14.36-1/2 per bushel, as suggested by its wave pattern.

A five-wave cycle from the Oct. 28 low of $13.80-1/2, as confirmed by the repeated failures of the contract to break a resistance zone of $14.65-1/4 to $14.69-3/4.

The failure also marked a completion of and the uptrend from $13.62-1/4.

The contact is expected to retrace to the bottom of the wave 4 around $14.27-3/4.

A break above the resistance at $14.58-1/4, however, could signal the extension of the uptrend.

A bullish target of $14.95-1/4 will become available if the contract could break $14.69-3/4.

On the daily chart, the contract failed to break a falling trendline.

The failure suggests either a resumption of the downtrend from $15.12-1/4 or a deep correction towards $14.19-1/2.

China’s October imports of soybean are lowest in eight years

A downward wave C from $15.12-1/4 looks incomplete, which is expected to travel below $13.62-1/4.

Only a break above the trendline could put this wave count under examination.

CBOT soybeans still targets .27-3/4 to .36-1/2 range

Source: Brecorder

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