TECHNICALS-CBOT soybeans may retrace into $10.84-$10.95 range
SINGAPORE, Oct 31 (Reuters) - The CBOT soybean January contract SF26 may retrace into a range of $10.84 to $10.95 per bushel again.
The rise from $10.18-1/2 looks too sharp to sustain. It is supposed to be accompanied by a correction. Even though a bullish wedge suggests a target of $11.35-3/4, it is doubtful that the contract fulfils this target without a correction.
A break above $11.17-1/2 may lead to a gain into the $11.26 to $11.35-3/4 range. On the hourly chart, the surge on Thursday looks like the final part of a wave c from $10.18-3/4, as the rise lost its momentum around key resistance at $11.09-1/4, the 261.8% projection level.
A break below $11.05-1/4 would confirm this bearish view.
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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