TECHNICALS-CBOT soybeans may test resistance at $10.30-1/2
SINGAPORE, Jan 13 (Reuters) - The CBOT soybean March contract SH25 may test resistance at $10.30-1/2 per bushel, with a good chance of breaking above it and rising towards $10.55-3/4.
The contract has broken a falling trendline. The break signals a reversal of the downtrend from $10.99-1/2. A wave c is driving the contract towards $10.55-3/4 as this wave has overcome a strong barrier at $10.14-3/4, the 61.8% projection level.
Support is at $10.30-1/2, a break below which may trigger a drop to $10.14-3/4. On the daily chart, the contract is about to test resistance at $10.41-1/2, the 61.8% retracement of the downtrend from $11.00-1/4.
The bullish divergence on the daily RSI suggests a high chance of a break above this barrier.
* 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 Sumana Nandy)
((wang.tao@tr.com; +65 6973 8364/9188 4196))
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