- Lingering concern over higher end Dec stocks and bumper US and South American soybean production are undermining sentiment. 1-15 Dec exports reported by cargo surveyors, ITS and AmSpec, earlier were slightly negative but late high numbers by SGS were encouraging. Think prospect of higher prices are better in coming months with some forecast of stocks coming down from Jan.
- Technical view - The change in benchmark price to Mar position saw a big gap upwards. Will wait for further developments. Indicators remain positive.
- Recent breakout from the symmetrical triangle presents itself as a strong bearish signal.
- Sideways market since 13 Nov. Bullish if it is cross back up above the ascending line with neckline seen at 2135 to 2140 for March contract. Yesterday a failure to break > 2140 + a rejection, drop to a closing of 2121 poses itself as a potential short opportunity.
- Aim to sell higher price with target:
- TP 1: 2078
- TP 2: 2005
- TP 3: 1950
Disclaimer: This only for education purpose. Not a buy call or sell call from us.
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