TECHNICALS-CBOT soybeans to fall to $10.01-1/4
SINGAPORE, April 4 (Reuters) - The CBOT soybean May contract SK25 is expected to break support at $10.07-3/4 per bushel, and fall to $10.01-1/4.
A three-wave cycle from $9.90-3/4 has completed. The contract is expected to revisit this low in due course. A realistic target is $10.01-1/4, the 76.4% retracement of the cycle.
A break above $10.12-3/4 may lead to a gain to $10.18.
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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