TECHNICALS-CBOT soybeans poised to break support zone of $10.20-1/2 to $10.22
SINGAPORE, Feb 18 (Reuters) - The CBOT soybean March contract SH25 is poised to break support zone of $10.20-1/2 to $10.22 per bushel, and fall towards $10.08-1/4.
The bounce triggered by the zone is believed to have ended around resistance at $10.44-1/4. It was indeed a pullback towards a rising trendline.
Driven by a wave c, the current fall may extend to $9.97-3/4. Immediate resistance is at $10.33, a break above which could open the way towards $10.44-1/4.
On the daily chart, the contract has more or less broken support at $10.29-1/4. The next support will be at $10.13-3/4, a break below which could open the way towards $9.98.
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.
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