TECHNICALS-CBOT soybeans to retest support at $9.71-1/2
SINGAPORE, April 7 (Reuters) - The CBOT soybean May contract SK25 is expected to retest support at $9.71-1/2 per bushel, a break below could open the way toward $9.48-3/4.
The bounce triggered by the support is classified as a pullback towards a wedge or a more bearish pennant. A break below the support could open the way towards the range, formed by the 261.8% and the 238.2% projection levels of a wave C.
A break above $9.90-1/4 may lead to a gain into the $9.97-1/4 to $10.01-1/2 range.
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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