SINGAPORE: The CBOT soybean March contract may break a resistance at $15.33-1/4 per bushel, and rise into $15.38-3/4 to $15.42-1/2 range. The contract is approaching $15.37-1/2.
There is little doubt that the downtrend from this high has completely reversed.
Within the next one or two days, the contract could revisit this high.
Based on the depth of the fall from $15.37-1/2, the uptrend may extend far above this level.
Immediate support is at $15.24-3/4, a break below which could be followed by a drop into $15.10-3/4 to $15.19-1/4 range.
On the daily chart, the contract is retesting a resistance at $15.35.
CBOT soybeans rise on smaller US harvest outlook, Argentina drought
Bulls may have accumulated enough momentum from the drop to the Jan.
5 low of $14.65 to break $15.35 and push the price into $15.51-1/2 to $15.72-1/4 range.