TECHNICALS-CBOT soybeans may rise to $11.43
SINGAPORE, Nov 28 (Reuters) - The CBOT soybean January contract SF26 may rise to $11.43 per bushel, as it has climbed above a wedge.
The pattern indicates a target of $11.37-1/4. The wave pattern shows that the peak of the wave b is at $11.43, which serves as a higher target.
A break below $11.27-3/4 may trigger a fall into the $11.18-1/2 to $11.23-1/4 range. A further fall would confirm the extension of the downtrend from $11.69 towards $10.93-3/4.
On the daily chart, the contract has broken resistance at $11.30. It may extend gains to the next resistance at $11.40. A five-wave cycle from $10.12-1/2 is believed to have completed.
The completion suggests a slim chance of the uptrend will resume within a rising channel.
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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