TECHNICALS-CBOT soybeans may test resistance at $9.91-1/4
SINGAPORE, Dec 26 (Reuters) - The CBOT soybean March contract SH25 may test resistance at $9.91-1/4 per bushel, a break above which could open the way towards $10.08-1/4.
The lower resistance at $9.80-1/2 only triggered a shallow correction, which seems to have completed. The basic assumption is that the short uptrend may have resumed.
However, the market may fail to break $9.91-1/4 at its first attempt, as the resistance is strengthened by the similar one established by a falling trendline.
A break below $9.72-1/4 will be followed by a drop into the $9.53 to $9.63-3/4 range.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. Views expressed are his own.
** No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
(Reporting by Wang Tao; Editing by Subhranshu Sahu)
((wang.tao@tr.com; +65 6973 8364/9188 4196))
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