2024-02-13 07:52:00
Technical analysis of CBOT soybean, wheat and corn futures on February 13
This article is a technical analysis of CBOT soybean, wheat, and corn contracts on February 13.
CBOT Corn May Retest Resistance at $4.3250
CBOT March Corn CH24 is likely to retest resistance at $4.3250 per bushel, a break above which could lead to a move toward the $4.34 to $4.3625 range.
The contract appears to be settling near the support at $4.2825. A consolidation above this level or a rebound towards $4.3250 is very likely.
Bullish divergence on the hourly MACD confirms that the decline has been exhausted. A move below $4.2825 could open the way to the $4.2550 to $4.27 range.
On the daily chart, forecast analysis of the $5.8275 downtrend shows that the $4.2925 support level works together with the $4.2825 support level to prevent further declines.
It must be noted that the downtrend remains intact and may eventually extend to the $4.11 to $4.2325 range.
CBOT Soybeans May Retest Resistance at $11.9650
CBOT soybean March contract SH24 could retest resistance at $11.9650 per bushel, a break above which could lead to a move up to $12.0475.
A triple bottom could form near $11.79 as the contract failed to break above this level three times. The pattern will be confirmed when the contract moves above $12.0475.
Further bullish interpretations include a break above the downtrend line. The breakout signals a reversal of the downtrend at $12.4750.
A break below $11.8475 could trigger a drop to $11.79. On the daily chart, the contract has slightly broken out of the falling wedge and looks like a bottom formation.
Bullish divergence in the MACD indicates that the trend has been exhausted and a strong rebound is imminent.
CBOT Wheat May Test Support at $5.9125
CBOT March Wheat WH24 could test support at $5.9125 per bushel, below which could open the way to $5.8625.
The contract has broken through higher support at $5.95. The next support level is $5.9125. Currently, the market appears to be going through a consolidation phase.
Sideways movement ranges from $5.8625 to $6.0375. Given that the $6.1150 wave C has yet to achieve its $5.7875 target, the consolidation is likely to end with a decline towards $5.83.
A break above the current resistance at $5.95 may lead to a rise in the price towards the $5.9875 to $6.0375 range. On the daily chart, after consolidating in the range of $5.8425 to $6.1125, the downtrend developing within the descending channel may resume.
1707822463
#February #CBOT #soybean #wheat #corn #futures #technical #analysis #provider #FX678