TECHNICALS-CBOT soybeans may rise into $11.44-$11.49 range
SINGAPORE, Nov 12 (Reuters) - The CBOT soybean January contract SF26 is poised to break resistance at $11.35-3/4 per bushel, and rise into $11.44-$11.49 range.
The contract is making its third attempt. Experience indicates that it is highly likely to succeed. A projection analysis reveals the target zone formed by the 361.8% and the 376.4% levels.
The depth of the correction from $11.37 reveals a higher target of $11.70. Support is at $11.26-3/4, a break below which may trigger a fall into $11.14-1/2 to $11.17-3/4 range.
On the daily chart, wave pattern indicates the progress of a wave 5, which may travel into the range of $11.59-1/4 to $11.72, as pointed by a rising channel.
A break below $11.20-1/4 will signal the extension of a wave 4 toward $11.04-1/4.
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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