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Saturday, June 3, 2023

CBOT soybeans may extend loss into $14.34-1/4 to $14.40-1/2 range

SINGAPORE: The CBOT soybean May contract may extend its loss into a range between $14.34-1/4 and $14.40-1/2, as suggested by a projection analysis.

The contract has briefly pierced below its 314.6% projection level of $14.47.

Chances are it may fall more into the range formed by the 361.8% and the 338.2% levels.

Another projection analysis on a wave C from $15.38-1/2 works out a target range of $14.42 to $14.38-3/4, which overlaps the zone of $14.34-1/4 to $14.40-1/2.

Resistance is at $14.54-3/4, a break above which could lead to a gain into $14.61-3/4 to $14.68 range.

CBOT soybeans may retest resistance at $14.85

On the daily chart, the contract is stabilizing around a support at $14.44-3/4. Generally, the 61.8% retracement works well to stop the fall and trigger a bounce.

In view of the current strong momentum, the $14.44-3/4 level may make itself an exception.

CBOT soybeans may extend loss into .34-1/4 to .40-1/2 range

Source: Brecorder

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