SINGAPORE, Oct. 13 (Reuters) - The CBOT soybean November futures contract <SX0> is expected to break above Monday's high at $11.88-¾ per bushel and rise towards $12.26 thereafter.
A flat consolidation following a sharp rise is generally a continuation pattern before the establishment of a new rally, in the case of soybeans, so as long as it remains above $11.50-3/4, the bullish view would remain unchanged.
A fall below $11.50-¾ could confirm a double-top, and a further retracement to $11.13 will be likely, while a rise above $11.88-¾ would immediately open the way towards $12.26.
No comments:
Post a Comment