soybeans to edge down to $11.13
SINGAPORE, Nov 21 (Reuters) - The CBOT soybean January contract SF26 is expected to edge down to $11.13 per bushel, as suggested by its wave pattern.
A wave 4 ended around $11.13, which serves as a target. A rising trendline was broken. The break suggests a reversal of the uptrend from $10.18-1/2.
A retracement analysis on the uptrend reveals a similar target of $11.11-1/2, the 38.2% level. Considering the completion of a five-wave cycle from $10.12-3/4, the downside may not be limited to $11.11-1/2.
Resistance is at $11.28-1/2, a break above which could lead to a gain to $11.36-1/4 to $11.44 range. On the daily chart, a channel technique indicates a target of $11.86-3/4, if the market breaks support at $11.13-1/2.
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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