CBOT Soybeans Futures May Retest Support At $15.10-3/4


SINGAPORE:If the CBOT soybean futures May contract breaks below $15.10-3/4 per bushel, it could open the way for $15.02-1/2. It’s possible that wave b, the second wave of a three-wave cycle from $15.38-1/2, was the driving force behind the bounce caused by the support.

The quick fall from the Wednesday high of $15.33-3/4 indicates that this wave appears to have ended.

Wave c is moving in the direction of $15.10-3/4.

Read More : Wheat futures Slumps On Black Sea Grain Deal Hopes, As Rival Soybeans Also Drop

If wave c is capable of traveling to $15.10-3/4, there is current speculation that it may extend to $15.02-1/2.

A rise to $15.27-3/4 could result from a break above $15.21-1/2.

A pullback toward a rising trendline on the daily chart has ended.

Wheat futures fall on hopes of a deal in the Black Sea, and CBOT soybeans futures fall. The shooting star on Wednesday indicates that Thursday will also fall.

A confirmation of the continuation of the downtrend toward the $14.64-3/4 to $14.84-3/4 range will come from a break below $15.09-1/2.