TECHNICALS-CBOT soybeans may test resistance at $11.44
SINGAPORE, Nov 13 (Reuters) - The CBOT soybean January contract SF26 is expected to test resistance at $11.44 per bushel, a break above which could lead to a gain into $11.49 to $11.52-1/2 range.
A projection analysis reveals that the market has cleared resistance at $11.35-3/4. It is rising toward the next resistance at $11.44.
The depth of the correction from $11.35-3/4 reveals a higher target of $11.65-1/4. A break below $11.35-3/4 may trigger a fall into $11.27-1/2 to $11.30-3/4 range.
On the daily chart, the uptrend remains intact within a rising channel, which suggests a target of $11.72. A correction from the current level may be limited to $11.30-1/4.
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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