TECHNICALS-CBOT soybeans to test resistance at $10.87-1/4
SINGAPORE, May 14 (Reuters) - The CBOT soybean July contract SN25 is expected to test resistance at $10.87-1/4 per bushel, a break above which could lead to a gain into the $10.99-1/4 to $11.07-1/2 range.
A wave c from $10.36-1/2 may either end around its 61.8% projection level of $10.87-1/4 or extend to $11.18-3/4, the 100% projection level.
The consolidation in the range of $10.36-1/2 to $10.67-3/4 may have prepared the contract with sufficient bullish momentum to break $10.87-1/4 and rise further.
A break below $10.77-1/2 could trigger a fall into $10.55-3/4 to $10.67-3/4 range. On the daily chart, the market has broken resistance at $10.71-1/2.
The break opened the way toward $10.91-3/4 to $11.05-3/4 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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