TECHNICALS-CBOT soybeans may test resistance zone of $10.61-1/4 to $10.66-1/4
SINGAPORE, Aug 22 (Reuters) - The CBOT soybean November contract SX25 may test resistance zone of $10.61-1/4 to $10.66-1/4 per bushel, a break above which could lead to a gain to $10.74-1/4.
The uptrend from $9.94 has extended above its 161.8% projection level of $10.48-1/2. Chances are it may develop further into the range of $10.74-1/4 to $10.82.
A bullish pennant suggests the same target range as well. Support is at $10.48-1/2, a break below which could cause a fall to $10.40-1/2.
On the daily chart, the consolidation in a much bigger wedge has been roughly governed by the 0.864 Fibonacci ratio. A retracement analysis on the downtrend from $10.73-1/4 reveals a target of $10.60-3/4.
* 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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