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Friday, January 27, 2023

CBOT soybeans may retest support at $14.80

SINGAPORE: The CBOT soybean March contract may retest a support at $14.80 per bushel, a break below which could open the way towards $14.72-1/4.

About 76.4% of the rise from $14.62-1/4 has been reversed. Such a deep reversal suggests a high chance of the contract to revisit this low.

The drop is riding on a wave 5 or wave c. A wave 5 would mean a completion of the fall around $14.80.

However, the wave 4 does not match the wave 2 in both duration and size. Most likely, the contract is riding on a wave c. This wave is capable of travelling to $14.62-1/4.

Resistance is at $14.90-3/4, a break above which could lead to a gain to $14.99-3/4. On the daily chart, the contract has broken the support at $15, it may test the next support of $14.75-1/2.

CBOT soybeans may retest support at $14.90-3/4

Strengthening this is another support at $14.67-3/4.

These supports are expected to hold and trigger a bounce. A break below $14.67-3/4 would signal a reversal of the uptrend from $13.71.

CBOT soybeans may retest support at .80

Source: Brecorder

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