TECHNICALS-CBOT soybeans may retest support at $11.05-1/4
SINGAPORE, Nov 7 (Reuters) - The CBOT soybean January contract SF26 may retest support at $11.05-1/4 per bushel, a break below which could trigger a drop to $10.88.
The bounce triggered by the support is classified as a pullback toward the neckline of a double-top around $11.35-3/4. The pattern suggests a target of $10.88.
The double-top will become invalid, if the market breaks $11.17-3/4 and rises to $11.22-1/2.
On the daily chart, the contract could be experiencing a pullback toward a bullish wedge.
The pullback may extend to $10.84 at its full capacity. A rising channel reveals a realistic target of $10.95.
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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