TECHNICALS-CBOT soybeans may test support at $10.35
SINGAPORE, Feb 27 (Reuters) - The CBOT soybean May contract SK25 may test support at $10.35 per bushel, a break below which could open the way towards $10.27-1/2.
The contract is riding on a wave C, which is capable of travelling into a wide range of $10.15-1/2 to $10.35.
The bounce triggered by support at $10.41 is believed to have completed around resistance at $10.47. The downtrend has resumed.
A break above $10.47 could open the way towards $10.54-1/2. On the daily chart, the contract is about to break the support at $10.40.
A break could open the way towards $10.23-3/4. Eventually, the market may fall to the bottom of the wave b at $9.96-3/4.
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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