TECHNICALS-CBOT soybeans may retest support at $10.35
SINGAPORE, Feb 28 (Reuters) - The CBOT soybean May contract SK25 may retest support at $10.35 per bushel, a break below which could open the way towards $10.27-1/2.
A small wedge formed between February 25 and February 27. It makes a part of a more bearish pennant that developed from $10.66-3/4. The latter suggests a target of $10.15-1/2.
Resistance is at $10.47, a break above which could open the way towards the $10.54-1/2 to $10.59-1/4 range. On the daily chart, the contract has more or less broken support at $10.40.
The break opened the way towards $10.23-3/4. A wave B ended at $9.96-3/4, which serves as a lower target.
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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