CBOT soybeans may hover below $13.18-1/4 in Q4
SOYB•CBOT soybeans may stay below $13.18-1/4 per bushel in the fourth quarter, with a correction potentially reaching $12.17 before the uptrend resumes.
1. Resistance and correction
The first-month CBOT soybean contract may hover below resistance at $13.18-1/4 per bushel in the fourth quarter, based on its wave pattern and projection analysis. The resistance could trigger a correction, potentially extending to $11.72-1/4 at its full capacity, though a daily-chart analysis suggests the decline may stop around $12.17, the 61.8% retracement level.
2. Possible rebound
The uptrend is expected to resume after either mild consolidation or a sharp correction. A break above $13.18-1/4, described as unlikely in the near term, could be followed by a rise toward $14.36-1/2.
