SINGAPORE: The CBOT soybean March contract may rise into a range of $15.35-1/2 to $15.41-3/4 per bushel, as suggested by a projection analysis.
The contract seems to be riding on a wave c from $14.78-1/4, the third wave of an irregular flat from the Jan. 23 low of $14.79-3/4. Following its failure to break $15.25-1/4, the contract approached this level again.
With the newly accumulated momentum, it is likely to break $15.25-1/4 and rise towards $15.41-3/4 to $15.48-1/4 range.
Soybeans face pressure on Argentine rains, wheat falls after rally
A realistic target zone is from $15.35-1/2 to $15.41-3/4. On the daily chart, the contract is retesting a resistance range of$15.30-1/2 to $15.35, a break above which could lead to a gain to $15.51-1/2.
With the contract having climbed above a rising trendline so far away, the uptrend may have resumed.
Source: Brecorder
