TECHNICALS-CBOT soybeans may test support at $10.53-1/4
SINGAPORE, Feb 24 (Reuters) - The CBOT soybean May contract SK25 may test support at $10.53-1/4 per bushel, a break below which could open the way toward $10.41.
The consolidation above $10.41 was shaped into a rising wedge, which consists of five small waves. It is very rare to see a wedge with seven component waves.
Most likely, the pattern has completed. Immediate resistance is at $10.60-1/2, a break above which could open the way towards $10.66-3/4 to $10.72-3/4 range.
On the daily chart, the contract seems to have completed a pullback towards a rising trendline. The pullback basically is a consolidation within the range of $10.40 to $10.60-1/4.
The support at $10.40 is expected to be retested. A break could open the way towards $10.23-3/4.
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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