SINGAPORE: The CBOT soybeans January contract may gain more to $10.02 per bushel, as it has cleared a resistance at $9.95-1/4.
The resistance was provided by the 61.8 percent retracement of the downtrend from the Oct. 13 high of $10.13 to the Nov. 14 low of $9.67. The next resistance will be at $10.02, a break above which could lead to a further gain to $10.06-1/2.
The uptrend from $9.67 consists of five waves. A trendline passing the peaks of the wave 1 and the wave 3 suggests an extension of the trend towards the range of $10.06-1/2 to $10.13.
Source: Brecorder.com
