TECHNICALS-CBOT soybeans poised to break $13.80 and rise more

SINGAPORE, Aug 25 (Reuters) - The CBOT soybean November contract SX3 is poised to break a resistance at $13.80 per bushel, and rise towards $13.93.

The deep drop triggered by this barrier has been almost reversed. The reversal confirmed a continuation of the uptrend from $13.03.

A break above $13.80 will not only lead to a gain to $13.93, but will also open the way towards a much higher target of $14.14-1/2, which is pointed by a rising trendline.

Key support is at $13.66-3/4, a break below which may be followed by a drop into $13.51 to $13.58-3/4 range. On the daily chart, the contract has broken a resistance at $13.63. The break opened the way towards $13.90-1/2.

The strength of the rise from the Aug. 8 low of $12.82-1/4 indicates an extension of the uptrend from $11.30-1/2. But it is still a bit too aggressive to target $14.35 right now. Only a break above $13.90-1/2 could make this target valid.

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25 августа 2023